Challenge
Time was getting uncomfortably tight for Mayfair Investors LLC. The group faced a looming deadline to pay off a maturing loan on Mayfair Chateau Manor Apartments, a Class A apartment complex in an attractive Birmingham, Alabama, suburb. They needed to refinance and to refinance quickly, so they turned to Beech Street Capital. “We have worked with the team in Beech Street’s Birmingham office on several deals in the past,” said William Butler, executive vice present of Engel Realty and key principal for the deal. “They’ve always come through for us.”
Solution
Beech Street exceeded expectations. Just 30 days from application, Mayfair Investors closed on a $19.9 million Freddie Mac CME conventional loan to refinance the apartments.
An Excellent Property
To be fair, Beech Street had an excellent property to work with. Though it was built in 1968, the 274-unit apartment complex, consisting of 17 two- and three-story buildings on 15 acres, has been excellently maintained and underwent extensive renovations in 2008 and 2009. Consequently, renters are extremely enthusiastic. The Mayfair received a 4.3 out of 5 rating from ApartmentRatings.com, with renters praising the service, amenities, and location.
Not surprisingly, Beech Street highlighted the quality of the property and the borrower’s experience when making its case to Freddie Mac–and those facts certainly played a role in the speedy turnaround. But Beech Street’s professionalism and close working relationship with the agency and borrower was equally important.
Always on the Fast-Track
Beech Street works hard to get the details right the first time. “We work carefully and quickly to expedite the process because, from our point of view, time is always essential,” states Chad Hagwood, executive vice president in Beech Street’s Birmingham office. “Once we submitted the loan request to Freddie Mac, they turned the request around very quickly, and we were able to adhere to an aggressive timeline.”
William Butler was pleased with the execution. “Beech Street’s level of efficiency and care is exceptional,” comments Butler. “They monitored the entire process from application to closing on a daily basis and delivered optimal terms ahead of schedule.”
