$61 Million - Holbrook, New York
CAPITAL ONE CLOSES A $61 MILLION LOAN TO REFINANCE LONG ISLAND APARTMENTS
Capital One provided a $61 million fixed-rate loan to refinance Fairfield Broadway Knolls at Holbrook, a 284-unit Class A apartment complex in Holbrook, New York, a community in Eastern Long Island. Senior Vice President Robert Akalski originated the transaction. The loan was used to retire a bridge loan that was used to purchase the property.
The borrower is Fairfield Properties, a real estate investment and development company with 8,000 garden apartment rentals and cooperative units among 100 properties in Nassau and Suffolk Counties. Fairfield manages, leases, maintains, and renovates its properties.
The 10-year fixed-rate loan has 23 months of interest-only payments followed by amortization on a 30-year schedule.
In a fluctuating interest-rate environment, Capital One was able to secure a rate for Fairfield that met its requirements. “During the course of underwriting, rates started to rise, which eroded the proceeds,” Akalski said. “At that point, we circled a fixed-rate for them. As rates declined, we were able to return to the original swap format that the company preferred.”
Built in 2006, Fairfield Broadway Knolls at Holbrook features a clubhouse with resident lounge, cyber café with business center, swimming pool, tennis and basketball courts and fitness center. A number of the two-bedroom apartments have lofts.
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/cre.
“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.