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July 25, 2017
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Capital One Originates $77 Mil in Fannie Mae Loans on Three Properties for Kort & Scott Financial Group

4/27/17

Kort & Scott Financial Group has obtained $76.7 mil in Fannie Mae loans for a trio of California residential properties. The loans, provided by Capital One, enabled Kort & Scott to refinance a manufactured housing community in Garden Grove, to acquire an apartment community in Norwalk, and to refinance an apartment community in Van Nuys.

Capital One’s Chad Thomas Hagwood originated the following transactions, which all closed in 45 days, from application to funding.

• A $42.6 mil Fannie Mae structured adjustable rate loan for the acquisition of IMT MetroPointe, a 249-unit apartment community in Norwalk. The 10-year, flexible-rate loan has five years of interest-only payments followed by amortization on a 30-year schedule. Capital One financed this transaction under Fannie Mae’s Green Rewards Mortgage Loan program. Kort & Scott plans to implement a variety of energy- and water-efficiency measures, including xeriscaping, low-flow aerators, and programmable thermostats to achieve at least a 20 percent reduction in annual energy and water consumption. The benefits of the program include a lower interest rate, up to 5 percent in additional loan proceeds, and improved net cash flow through underwriting of a portion of the projected energy savings.

• An $18.7 mil Fannie Mae structured adjustable rate loan to refinance Sepulveda Apartments, a 98-unit apartment community in Van Nuys. The 10-year, flexible-rate loan has five years of interest-only payments followed by amortization on a 30-year schedule.

• A $15.4 mil Fannie Mae structured adjustable rate loan to refinance Thunderbird Mobile Home Park, a 103-space manufactured housing community (MHC) in Garden Grove. The 10-year, adjustable rate loan has five years of interest-only payments, followed by amortization on a 30-year schedule. There is a 12-month lockout period with 1 percent exit fee thereafter until 90 days from maturity.







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