$25.6 Million — Van Nuys, CA
CAPITAL ONE CLOSES A $25.6 MILLION FANNIE MAE LOAN FOR LOS ANGELES-AREA APARTMENTS
Capital One provided a $25.6 million Fannie Mae flexible-rate loan for the acquisition of Woodley Apartments, a 126-unit apartment community in Van Nuys, California. The sponsor, the Kort and Scott Financial Group, is the 13th largest owner and operator of manufactured housing communities (MHCs) in the country. This is the group’s 37th transaction with Capital One.
The 10-year flexible-rate loan has six years of interest-only payments followed by amortization on a 30-year schedule.
“Thanks to our close relationship, we were able to meet Kort and Scott’s tight deadline,” Capital One said. “This loan closed 28 days after application and just four days after we issued a commitment.”
Capital One financed the transaction under Fannie Mae’s Green Rewards Mortgage Loan program. Kort and Scott plans to implement a variety of water-efficiency measures including low-flow fixtures and toilets, achieving at least a 20 percent reduction in annual consumption. The benefits of the program include a lower interest rate and improved net cash flow through underwriting of a portion of the projected energy savings.
“The certainty of execution that Capital One provides is very important to us, as is their ability to structure the loan to complement our investment strategy,” said Lee Kort, one of the company’s partners. “Both characteristics were critical in successfully delivering this loan.”
Developed in 2016, Woodley Apartments features pools, fitness center, and underground parking. Units have nine-foot ceilings, walk-in closets, stainless steel appliances, and quartz countertops. The property includes 12 affordable residential units for tenants earning no more than 50 percent of the average mean income.
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.