Capital One Closes a $14.6 Million Fannie Mae Loan for Omaha Manufactured Housing Community
July 6, 2017 Bethesda, MD — Capital One announces that it has provided a $14.6 million Fannie Mae fixed-rate loan for the acquisition of Maplewood Estates, a 397-unit manufactured housing community (MHC) in Omaha, Nebraska. Damon Reed, Senior Vice President and Capital One Multifamily Finance’s Director of MHC Finance, originated the transaction.
The 10-year fixed-rate loan has seven years of interest-only payments, followed by amortization on a 30-year schedule.
The sponsor owns 21 manufactured housing communities in Arizona, California, Colorado, Texas, Illinois, Iowa, Michigan, Nebraska, Nevada, Oregon, and Washington. This is the sponsor's 25th loan with Capital One.
This purchase was part of a Section 1031 exchange. Capital One also provided financing for the acquisition of Country Acres Village, a MHC in Kalamazoo, Michigan, that the sponsor sold. Capital One had originally provided the loan that the sponsor used to acquire the community.
“Because of its tight deadline, the sponsor urged the company purchasing Country Acres to work with us,” Reed said. “Having us on both sides of the transaction simplified and streamlined the process, enabling us to move toward closing quickly."
Built in 1973, Maplewood Estates is located near neighborhood amenities. Shopping centers—one anchored by a Walmart and another by a Target—are located nearby, as is a sports complex featuring tennis and soccer. The sponsor owns another MHC near Omaha known as Lakeside Mobile Home Community, which Capital One financed in 2016.
Capital One Multifamily Finance is a leader in providing creative and timely financing solutions to the MHC industry nationwide. With specialized expertise in Agency finance—including Fannie Mae, Freddie Mac and FHA—the Multifamily team is uniquely positioned to provide borrowers with the best possible solutions for their evolving needs.
Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. Additional information can be found at www.capitalone.com/commercial/multifamily.
“The Capital One CRE team consistently demonstrates expertise and passion—that commitment translates into creativity, responsiveness, and optimizing the timing and structure of each transaction.”
Michelle Lord, Vice President of Capital Markets, Fairfield Residential Company LLC
*Beech Street is now Capital One Multifamily Finance and our commitment to customer service is even stronger.
Capital One Multifamily Finance is distinguished by its ability to structure multifamily mortgages customized to the precise needs of its clients. We are a Fannie Mae DUS® lender, a Freddie Mac lender, and a FHA HUD lender. Plus, we offer balance sheet financing backed by the full strength of Capital One Commercial Banking. You can count on our team of multifamily mortgage makers to deliver apartment financing smoothly, quickly, and with certainty.