BEECH STREET CLOSES $70M LOAN TO REFINANCE APARTMENTS IN JERSEY CITY

JERSEY CITY, N.J. — Beech Street Capital LLC has closed a $70 million Fannie Mae conventional loan to refinance The Gotham, a 22-story high-rise apartment building in Jersey City. The fixed-rate loan has a 10-year term, 9.5 years yield maintenance, and a 30-year amortizing schedule. The borrower sought a cash-out refinance of The Gotham to invest in other development opportunities. The 220-unit apartment building includes six occupied commercial spaces covering more than 20,000 square feet on the ground floor and a four-story parking garage with 340 spaces. The Gotham is three blocks west of the Exchange Place PATH station and six blocks northwest of the Paulus Hook Ferry