$47.2 Million – Rancho Cordova, CA
CAPITAL ONE CLOSES A $47.2 MILLION FANNIE MAE LOAN TO REFINANCE SACRAMENTO-AREA APARTMENTS
Capital One provided a $47.2 million Fannie Mae fixed-rate loan to refinance Chesapeake Commons, a 600-unit apartment community in Rancho Cordova, California, a city in the Sacramento Metropolitan Area. Kristen Croxton and Greg Reed, Senior Vice Presidents in Capital One Multifamily Finance’s office in Newport Beach, California, originated the transaction.
The seven-year fixed-rate loan has full-term interest-only payments. Wasatch Group, the sponsor, used the loan to pay off a Fannie Mae regulatory bond on the property.
“The Wasatch Group is a repeat customer with strong financials and years of experience,” Croxton noted. “Their track record gave us more leeway to structure the loan to meet the company’s needs.”
Founded in 1988, the Wasatch Group is a fully integrated real estate development, construction, property management, guaranty capital, and venture investment company. Its holdings include 16,300 multifamily units and 4 million square feet of commercial property throughout the western United States, with assets totaling approximately $4 billion.
Wasatch has owned the property since February 1997 and during this time has invested substantially in upgrading exteriors, community amenities, and individual units. “To increase the sustainability of the property, the Wasatch Group agreed to make upgrades that would lead to at least a 20 percent reduction in water use,” Reed said. “This qualified the project for reduced pricing under Fannie Mae’s Green Rewards program.”
“We were very satisfied with the terms of the loan and the service Kristen’s and Greg’s team provided,” said Dylan Olsen, VP of Corporate Finance of the Wasatch Group. “This transaction was ready to close 35 days after we signed the application.”
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.