Capital One Closes $76.7 Million in Fannie Mae Loans for Kort & Scott Financial Group
April 25, 2017 Bethesda, MD — Capital One announced today that it has provided $76.7 million in Fannie Mae loans for Kort & Scott Financial Group, one of the largest and most successful private manufactured housing (MHC) owner-operators in the country. The loans, all for California properties, allowed Kort & Scott to refinance an MHC community in Garden Grove, to acquire an apartment community in Norwalk, and to refinance an apartment community in Van Nuys.
Capital One Multifamily Finance's Southeast region team originated the following transactions, which all closed in 45 days from application to funding.
- A $15.4 million Fannie Mae structured adjustable rate loan to refinance Thunderbird Mobile Home Park, a 103-space manufactured housing community (MHC) in Garden Grove, California. The 10-year adjustable rate loan has five years of interest-only payments, followed by amortization on a 30-year schedule. There is a 12-month lockout period with 1 percent exit fee thereafter until 90 days from maturity.
- An $18.7 million Fannie Mae structured adjustable rate loan to refinance Sepulveda Apartments, a 98-unit apartment community in Van Nuys, California. The 10-year flexible-rate loan has five years of interest-only payments followed by amortization on a 30-year schedule.
- A $42.6 million Fannie Mae structured adjustable rate loan for the acquisition of IMT MetroPointe, a 249-unit apartment community in Norwalk, California. The 10-year flexible-rate loan has five years of interest-only payments followed by amortization on a 30-year schedule. Capital One financed this transaction under Fannie Mae’s Green Rewards Mortgage Loan program. Kort & Scott plans to implement a variety of energy- and water-efficiency measures, including xeriscaping, low-flow aerators, and programmable thermostats to achieve at least a 20 percent reduction in annual energy and water consumption. The benefits of the program include a lower interest rate, up to 5 percent in additional loan proceeds, and improved net cash flow through underwriting of a portion of the projected energy savings.
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.