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6/16/15
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Capital One has provided a $7.5 mil, fixed-rate Fannie Mae loan to refinance Acacian Apartments, a 136-unit apartment community in the OC city of Garden Grove. The borrower has owned the property since 1977.
Acacian Apartments’ occupancy rate has averaged 99 percent over the past three years, thanks to the high demand in its submarket and the care with which the property is maintained. Amenities include a clubhouse, swimming pool, and laundry room. It is located adjacent to the Garden Grove Freeway and the Santa Ana Freeway, providing easy access to locations across Southern California. Angel Stadium and the Anaheim Convention Center are less than three miles away.
The new, 15-year fixed-rate loan has 10 years of yield maintenance and a 30-year amortization payable on an actual/360 basis. Kristen Croxton and Greg Reed, Senior Vice Presidents in Capital One’s office in Newport Beach, originated the transaction.
Two existing loans on the property were scheduled to mature in late 2016, but the borrower chose to refinance them early, rather than risk interest rates rising from their historic lows. Because of the client’s longstanding ownership of the property and the transaction’s low leverage, Capital One was able to offer a 15-year loan at a rate below 4 percent.
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