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May 31, 2020
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Beech Street Closes $11 Mil in NoCal Student Housing Financing Deals


Beech Street Capital recently closed another notable NoCal financing deal, having provided $11 mil in Fannie Mae DUS loans to refinance two student housing properties in Davis. The properties are located one mile north of the University of California Davis, the largest campus within the University of California school system.

The complexes were developed and are owned by the borrower, located 0.2 miles across from each other in the Sacramento MSA. Temescal Apartments consists of 100 units that are currently 91 percent occupied by students. The other property, Pepperwood Apartments consists of 41 units currently 97 percent occupied by students. Approximately 50 percent of the student populations in both properties are graduate students. Amenities include an on-site leasing office/ clubhouse with one swimming pool and spa.

The transaction was originated by Joel Mazur, vice president based out of Beech Streetís Chicago office. The fixed-rate loans have a 10-year term with 9.5 years yield maintenance and a 30-year amortization schedule.

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