Beech Street Closes $70 Million in Manufactured Housing Community Transactions in Fourth Quarter 2012
FEBRUARY 28, 2013, BETHESDA, MD – Beech Street Capital, LLC announced today that it closed $70 million in manufactured housing community (MHC) transactions in the fourth quarter of 2012. “We have the expertise to take on the most challenging deals,” says Damon Reed, vice president of originations. Citing an additional $60 million in closings slated for the first quarter of 2013, he adds, “We’re really building momentum in this area.” Reed, who has closed $2 billion in commercial real estate loans over his 18-year career, heads Beech Street’s MHC initiatives nationwide.
Beech Street closed transactions on 12 MHC properties in seven states during the fourth quarter. With the exception of two deals, all were with Fannie Mae. “We have a deep appreciation of the underlining priorities that shape Fannie Mae’s MHC program,” Reed says. “Grace Huebscher, our president and CEO, helped design the program when she was at the agency.” The growth of Beech Street’s MHC financing with Fannie Mae highlights the success of the company’s relationship with the agency as a whole. For the second year running, Beech Street placed third on Fannie Mae’s annual list of top multifamily loan originators.
At the same time, Beech Street considers all alternatives before making a recommendation to its customers. “We work with clients to find the execution that best fits their needs,” Reed asserts. “Once we do that, we stay in close touch throughout the process so clients always know where they stand. It’s part of Beech Street’s commitment to service that goes above and beyond.”
About Beech Street Capital, LLC
Beech Street Capital, LLC is a mortgage banking company engaged in originating, underwriting, closing, and servicing high-quality multifamily mortgage loans for existing and proposed apartment buildings and manufactured home communities throughout the United States. Beech Street is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller Servicer, and an FHA MAP and LEAN lender. Headquartered in Bethesda, Maryland, Beech Street has offices in Alabama, California, Florida, Georgia, Illinois, Massachusetts, New York, Texas, and Washington. Web site: www.beechstcap.com