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September 24, 2020
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Capital One Arranges $43 Mil Refi on OC Apartment Community


Capital One has arranged a $43.5 mil, Fannie Mae fixed-rate loan to refinance Amberway Apartments, a 272-unit, garden-style community in Anaheim. Constructed in 1983, Amberway Apartments is located at 489 South Chatham Circle, south of the 91 Fwy and just east of the 57 Fwy.

The borrower, a longstanding real estate investor, has owned Amberway for 14 years and has maintained it in excellent condition. He currently owns 13 apartment communities totaling approximately 2,000 units in Southern California. The property will continue to be managed by Greenwood & McKenzie, based in Orange County.

Capital One’s Kristen Croxton and Greg Reed originated the transaction. The 10-year, fixed-rate loan has five years of interest-only payments followed by amortization on a 30-year schedule.

“The transaction was complicated by a large defeasance penalty on the existing loan,” Croxton noted. “The challenge was to offset the effects of the penalty in order to meet the client’s investment objectives.”

Croxton and Reed determined at application that the property offered sufficient opportunities for both water and energy savings, qualifying it for a lower rate and higher loan proceeds under Fannie Mae’s Green Rewards program. In addition, they took advantage of Fannie Mae’s Streamlined Early Rate Lock program to ensure rates would not rise during final underwriting. Finally, Capital One was able to increase the loan amount prior to closing by citing improving net operating income.

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