$32.0 Million — New York, NY
CAPITAL ONE PROVIDES $32 MILLION FREDDIE MAC LOAN TO REFINANCE TURTLE BAY TOWERS COOPERATIVE
July 7, 2016, NEW YORK, NY– Capital One announced today that it has closed a $32.0 million, fixed-rate Freddie Mac loan to refinance Turtle Bay Towers, a 27-story, 338-unit cooperative apartment complex located in midtown east Manhattan’s Turtle Bay neighborhood. The loan has a term of 15 years, and will be used to pay off existing debt on the property and to fund future capital improvements and repairs.
Jonathan Smith, a vice president for Capital One’s Commercial Real Estate Group, led the team completing the transaction.
“This pre-war property’s storied history makes it a real icon in Midtown East,” said Smith. “It’s always fulfilling to strengthen a relationship with a borrower, especially one seeking to continue a track record of maintaining a property well.”
Turtle Bay Towers was built in 1929 for commercial use and converted for residential use in the mid-1970s. It consists of a mix of studios, one-, two- and three-bedroom apartments.
“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.