News
MULTIFAMILY MANIA
May 24, 2012
| Beech Street Capital recently repped the Jenkintown-based Galman Group in a $68M refinancing deal involving four properties—two each in Philly and Delaware—and just over 1,100 units. |
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| BSC's Brian Sykes tells us he's done more work in Philly lately than even Boston, where he's based. (He's working on two other local multifamily deals with an unnamed Philly client, and another in Lancaster.) "My sense is that it's been a market that's less volatile," he says. "That's what I like about it." (We're partial to the friendly locals and Cole Hamels sightings.) |
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| Here's Sedgwick Station Apartments in East Mt. Airy, one of the four complexes Brian helped to refinance through Fannie Mae's forward rate lock program. The Galman Group properties all had yield maintenance periods and different maturities, but were able to lock in "a very competitive rate," with the program, Brian says, while also avoiding prepayment penalties. |
