$3.7 Milllion — Colorado Springs, CO
CAPITAL ONE CLOSES A $3.7 MILLION FREDDIE MAC LOAN TO REFINANCE COLORADO SPRINGS MANUFACTURED HOUSING COMMUNITY
July 8, 2016, BETHESDA, MD – Capital One announced today that it has provided a $3.7 million Freddie Mac fixed-rate loan to refinance Highland Mobile Home Park, a 98-space manufactured housing community (MHC) in Colorado Springs. Senior Vice President Chad Thomas Hagwood originated the transaction. Hagwood leads Capital One Multifamily Finance’s Southeast region out of the Birmingham, Alabama, office.
The 10-year fixed-rate loan has 9.5 years of yield maintenance and two years of interest-only payments, followed by amortization on a 30-year schedule. The reduced interest payments from this transaction more than offset a prepayment penalty to retire an existing loan.
The borrower is a repeat customer of Hagwood and Capital One and has more than 20 years of MHC experience and currently owns nine MHCs in Arizona, California, Colorado, Idaho, and Utah. Built in 1962, Highland Mobile Home Park is 97 percent occupied, in line with multifamily occupancy rates in central Colorado Springs.
“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.