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8/25/16
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Capital One has provided four Freddie Mac five-year hybrid small balance loans totaling $10.5 mil to refinance a portfolio of four Southern California properties. The borrower was Positive Investments, which owns and operates more than 3,000 multifamily units in Northern and Southern California.
The properties included two 55+ communities in the Inland Empire and two properties in the greater Los Angeles area. One Inland Empire property received a $3.5 mil loan, the other a $3 mil loan. The greater Los Angeles properties received loans for $1.3 mil and $2.7 mil.
The five-year hybrid loans have a fixed rate for five years and a floating rate for the remainder of the 20-year term. Rates are in the mid-3 percent range. The loans have a provision for one year of interest-only payments and are amortized on a 30-year schedule.
Capital One’s Andrew Kwok originated the transaction. Freddie Mac Small Balance Loans include loans from $1 mil to $5 mil and provide borrowers with a streamlined process during pricing, underwriting, closing and funding.
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