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3/24/14
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Kristen Croxton and Greg Reed, both senior vice presidents in Beech Street Capital’s Newport Beach office, were presented a Superior Performance in Real Estate (SPIRE) Award for lending from the Commercial Real Estate Women of Orange County. The awards ceremony was held at the Center Club in Costa Mesa on February 27, and the judges included representatives from financial institutions, real estate developers, brokerage firms, universities, contractors, and law firms with offices or headquarters in Orange County. Since they began working together as a loan origination team since 2005, Croxton and Reed have placed more than $2.5 bil in debt.
“We’re very proud that Kristen and Greg were selected for this award, which put them up against the nation’s leading commercial real estate lenders,” says Grace Huebscher, president at Beech Street Capital. “Their emphasis on customer service and knowledge of the capital markets allow them to deliver custom-tailored and accretive financing solutions for their clients.”
The SPIRE Award for lending is intended to recognize a significant loan for a project in Orange County. The judges believed that the $152.5 mil portfolio transaction the team arranged in 2013 on behalf of Mesa Management best met this criterion. The first $90.4 mil of the portfolio was used to refinance five multifamily properties in Orange County. The transactions feature fully amortizing loans with 25-year terms in the low 4 percent range. Croxton and Reed worked with Matt Palmer, managing director for commercial mortgage loan origination at AEGON USA Realty, on this deal.
In addition, the team negotiated a $62.5 mil debt package consisting of a $56.5 mil CMBS first mortgage and a $6 mil mezzanine loan in order to refinance Emerald Isle Apartments, a Class A, age-restricted property in Orange County. Seth Grossman, a managing director at Meridian Capital Group, co-brokered the deal with Croxton and Reed. Both loans featured five years of interest-only payments.
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