Capital One Closes a $15.3 Million Fannie Mae Loan for Michigan Manufactured Housing Community
June 19, 2017 Bethesda, MD – Capital One announces today that it has provided a $15.3 million Fannie Mae fixed-rate loan for the acquisition of Country Acres Village, a 320-space manufactured housing community (MHC) in Kalamazoo, Michigan, approximately one hour south of Grand Rapids. Damon Reed, Senior Vice President and Capital One Multifamily Finance’s Director of MHC Finance, originated the transaction. The sponsor has been an active MHC investor for more than 30 years and operates 10 MHC communities in Washington and Oregon.
The 10-year fixed-rate loan has five years of interest-only payments followed by amortization on a 30-year schedule.
Capital One was able to close the loan just 36 days from acceptance of the loan application in order to meet a hard deadline imposed by the seller, a client of Capital One. “We were familiar with the property, having originally financed it for the seller in 2011,” Reed said. “We always work quickly for our clients, however this familiarity helped us pull the deal together in order to accommodate both the buyer and the seller.”
Completed in three separate phases between 1976 and 1990, Country Acres Village is restricted to residents 55 years of age and older. The property is well maintained, with occupancy averaging 94 percent during the past three years. The community features such amenities as an indoor pool and spa, fitness center, and community building.
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.