Multifamily Finance — Recent Closings

$145 Million – New York, NY


Capital One provided a $145 million, seven-year, floating-rate loan to Jamestown Properties to refinance 88 Leonard Street, an apartment building in Manhattan. Capital One Municipal Funding purchased $112.5 million in tax-exempt bonds and Capital One, N.A. purchased $32.5 million in taxable bonds that were issued by the New York State Housing Finance Agency to finance the property.

Paul Kesicki, a Senior Vice President in Capital One’s Commercial Real Estate Group, closed the transaction.

“Increasingly, investors are looking at direct bond purchases as a vehicle for refinancing,” Mr. Kesicki said. “We were excited to work closely with HFA to meet the financing needs of our longstanding client Jamestown. As this transaction demonstrates, we have the skills, creativity and capacity to meet the full range of our clients’ needs.”

When Jamestown acquired the leasehold interest in the property in 2016, it assumed the existing bond financing, which at the time totaled $132 million. As part of this refinancing Jamestown increased the taxable bond component by $13 million.

The property at 88 Leonard Street is held by one of the company’s German Retail Funds. Rose Associates has managed the property since Jamestown’s acquisition.

Constructed in 2007, 88 Leonard Street is a 21-story, 352-unit luxury apartment building located in Manhattan’s Tribeca neighborhood. Ninety-five percent of the apartments are market rate and the remaining are reserved for moderate income tenants. In addition, the property includes more than 11,000 square feet of ground-floor retail space and an attached 249-car parking garage. Community amenities include a14th-floor roof deck, second-floor terrace with outdoor fireplace and whirlpool, and a full suite of concierge services. All units feature upscale appliances, granite countertops in kitchen and bath, and wood cabinetry. Select units have terraces, washer-dryer sets, and floor-to-ceiling windows.

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


“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


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*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.