Since opening its Florida offices in May this year, Beech Street’s deal flow from Florida has been exceptional. In just four months, Mitch Sinberg and Mike Wallace, who head up the Florida offices, closed over $53 million in agency debt for new acquisitions.
Two of these deals were conducted for Robbins Property Associates, an experienced owner and operator with 12 multifamily properties in Florida and Maryland. The borrower turned to Beech Street to finance the acquisition of Ashley Lake Park in Boynton Beach and Cooper’s Pond in Tampa, which together have 763 units.
Of critical importance to the borrower was taking advantage of historically low interest rates as quickly as possible, giving them a clear early view of the proceeds they could realize from these deals.