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12/19/14
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Capital One Multifamily Finance has provided Fannie Mae fixed loans totaling $56.2 mil to refinance a 427-unit portfolio of apartments in Northern California. The asset mix includes a 266-unit property in Fremont, an 89-unit property in Daly City, and a 72-unit property in Hayward.
All three properties were built between 1965 and 1987, and offer a range of competitive amenities including full kitchens, private patios/balconies, and walk-in closets. The quality of these properties and the intense demand for apartments in the San Francisco and East Bay markets is clearly displayed by the average occupancy of 98 percent across the portfolio.
The fixed-rate loans have 10-year terms, 9.5 years of yield maintenance, and 30-year amortizations payable on an actual/360 basis. Greg Reed and Kristen Croxton, Senior Vice Presidents in Capital One Multifamily’s office in Newport Beach, California, originated the transactions.
The borrower is a highly regarded investor who has purchased and renovated over 3,000 apartment units in 23 communities during the last 10 years. Capital One Multifamily’s close working relationship with the client and its extensive experience in the San Francisco Bay and Oakland-East Bay markets enabled it to underwrite and close these loans just 34 days from application.
“We moved quickly to take advantage of the lowest rates we have seen in the last 18 months,” says Reed. The interest rates on the loans were in the mid-three percent range, and Capital One was also able to structure the transactions to produce cash out.
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