Beech Street Capital, LLC announced today that it closed an $8.6 million Fannie Mae conventional loan to refinance the Enclave at St. Lucie West, a 90-unit property in Port St. Lucie, Florida. Senior Vice Presidents Mitch Sinberg and Michael Wallace, headquartered in Beech Street’s Fort Lauderdale office, originated the transaction. The deal was complicated by the fact that the property was originally planned and
developed as a condominium. When the first phase was completed in 2007 and only two of the 28 units were sold, it was clear to the principals that the property would be more successful as a Class A rental community. As a result, all the apartments in the remaining three phases were marketed as rentals. The Beech Street team determined that Fannie Mae financing would be the most advantageous approach for the client. “Working in Florida, Michael and I have had extensive experience dealing with fractured condos,” Sinberg says. “We were able to help the client put in place a structure that increased Fannie Mae’s comfort level with the deal.” They stressed that the borrowers had full control over the HOA and the right of first refusal if the two units owned by third parties were sold. “Mitch, Michael, and the entire Beech Street team were a pleasure to work with,” says Jerry Rich, one of the principals. “The level of expertise and experience they brought to the transaction helped ensure that it proceeded as smoothly and as quickly as possible.” The Enclave at St. Lucie West is located in a desirable Port St. Lucie area. Its neighbors
include two of the city’s most popular attractions: PGA Golf Village and New York Mets spring training center. The property itself is in excellent condition and is attractively landscaped. Interior amenities include ceiling fans, granite countertops in select units, washer/dryer connections, nine-foot ceilings, walk-in closets, double sinks in master bathrooms, patios, and private one- or two-car garages. The fixed-rate loan has a 10-year term and 9.5 years of yield maintenance with 30 years of amortization, payable on an actual/360 basis.