BEECH STREET CLOSES ACQUISITION LOAN FOR TWO APARTMENT COMMUNITIES

MONTGOMERY, ALA. — Beech Street Capital has provided a Freddie Mac CME loan for the acquisition of Bell Station and Watchman Court Apartments in Montgomery. The contiguous properties total 252 units. Chad Thomas Hagwood of Beech Street’s Birmingham, Ala., office originated the loan on behalf of the borrower, EBSCO Watchman Drive. EBSCO plans to combine the operations of both properties, which had separate ownership prior to the transaction. Jimmy Adams of Multi Housing Advisors (MHA) brokered the sale. The sale is the first transaction to close since Beech Street Capital and MHA formed their alliance in mid-January.