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8/04/17
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Kort and Scott Financial Group has obtained $25.6 mil in Fannie Mae financing on Woodley Apartments, a 126-unit apartment community in the central San Fernando Valley community of Van Nuys that they purchased for $43 mil ($341k/unit). Developed in 2016, Woodley Apartments is located at 6525 Woodley ave, north of Victory Blvd and west of the 405 Fwy.
Woodley Apartments features pools, fitness center, and underground parking. Units have nine-foot ceilings, walk-in closets, stainless steel appliances, and quartz countertops. The property includes 12 affordable residential units for tenants earning no more than 50% of the average mean income.
Capital One’s Chad Thomas Hagwood originated the financing transaction. The 10-year flexible-rate loan has six years of interest-only payments followed by amortization on a 30-year schedule. Vince Norris, Jim Fisher, and Mike Smith with Berkadia represented both the buyer and seller in the purchase.
The sponsor, the Kort and Scott Financial Group, is the 13th largest owner and operator of manufactured housing communities (MHCs) in the country. This is the group’s 37th transaction with Capital One.
Capital One financed the transaction under Fannie Mae’s Green Rewards Mortgage Loan program. Kort and Scott plans to implement a variety of water-efficiency measures including low-flow fixtures and toilets, achieving at least a 20 percent reduction in annual consumption. The benefits of the program include a lower interest rate and improved net cash flow through underwriting of a portion of the projected energy savings.
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