$34.5 Million — Reston, VA
CAPITAL ONE CLOSES A $34.5 MILLION FANNIE MAE LOAN TO REFINANCE NORTHERN VIRGINIA HOUSING COMMUNITY
Capital One provided a $34.5 million Fannie Mae fixed-rate loan to refinance Springs at Reston, a 362-unit apartment community in Reston, Virginia. All units are affordable for those making 80 percent or less of the area’s average income. Senior Vice Presidents Joel Willard and Michael Antonelli originated the transaction.
The sponsor, Lerner Enterprises, is one of the largest real estate developers in the Washington, D.C., metropolitan area. It has developed 20 million square feet of commercial and retail space, constructed 22,000 private homes, and built more than 7,000 apartments.
“This loan supports Fannie Mae’s mission of providing affordable, workforce housing, which is especially critical in an area like Northern Virginia,” Willard said. “At the same time, it enables Lerner to lock in a longer-term loan at a competitive rate.”
Lerner has owned Springs at Reston since 1993. With interest rates rising, Lerner opted to pay the prepayment penalty on its existing loan and refinance at current historically low rates for 15 years. The loan has 10 years of interest-only payments.
Built in 1972, Springs at Reston consists of 27 three- and four-story garden apartments, with a playground, picnic area, and laundry facilities. Units have patios or balconies as well as fully equipped kitchens. Springs at Reston is close to the shops, restaurants, and entertainment of Reston Town Center, The Spectrum at Reston Town Center, North Point Village Center, and nearby Tysons Corner.
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.