Capital One Closes a $6.6 Million Fannie Mae Loan to Refinance California Manufactured Housing Community
June 14, 2017 Bethesda, MD – Capital One announces today that it has provided a $6.6 million Fannie Mae fixed-rate loan to refinance Pinto Lake Mobile Estates, a 177-space manufactured housing community (MHC) in Watsonville, California, a small city 15 miles from Santa Cruz. Damon Reed, Senior Vice President and Capital One Multifamily Finance’s Director of MHC Finance, originated the transaction. The sponsors have been active MHC investors for more than 30 years and own 23 MHCs in California.
The 10-year fixed-rate loan has 9.5 years of yield maintenance and one year of interest-only payments followed by amortization on a 30-year schedule. It was the sponsor's 15th Capital One loan and was used to retire existing CMBS debt.
Timing was an especially important issue for this transaction. Although the existing loan was not due to mature until later in the year, the sponsors desired to rate lock as soon as possible to avoid potential increases in interest rates. “We processed the loan under Fannie Mae’s early rate lock program,” Reed said. “This allowed the sponsors to lock in the interest rate three months prior to maturity.”
Built in 1972, Pinto Lake Mobile Estates has a clubhouse, pool, billiards room, and laundry for residents’ use. It is located adjacent to two Santa Cruz County recreation areas, Pinto Lake Park and Mesa Village Park.
Capital One Multifamily Finance is a leader in providing creative and timely financing solutions to the MHC industry nationwide. With specialized expertise in Agency finance—including Fannie Mae, Freddie Mac and FHA—the Multifamily team is uniquely positioned to provide borrowers with the best possible solutions for their evolving needs.
“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.