Multifamily Finance — Recent Closings

$24.6 Million -  Louisville, KY

CAPITAL ONE CLOSES $24.6 MILLION FANNIE MAE LOAN FOR KENTUCKY APARTMENTS

June 20, 2016, BETHESDA, MD – Capital One announced today that it has provided a $24.6 million, fixed-rate Fannie Mae loan for the acquisition of Woodbridge Apartments, a 360-unit apartment community in Louisville, Kentucky. The sponsor, Sundance Bay, currently owns and operates a portfolio of multifamily properties across the United States, comprising more than 2,900 units. Originations Analyst Jonathan Pratt in Capital One Multifamily's Newport Beach, California, office originated the transaction.

“Capital One appreciated our record of successfully repositioning properties and structured the loan accordingly,” said Sundance Bay Managing Director Ryan Baughman. The 12-year fixed-rate loan has five years of interest-only payments and a flexible prepayment option. Sundance Bay plans to renovate the apartments and invest in exterior improvements and deferred maintenance.

“The Sundance Bay team has built an attractive portfolio of properties across the country, including another nearby property in downtown Louisville,” said Capital One’s Pratt. “They have a well-demonstrated eye for value.”

The Woodbridge Apartments are located in Louisville’s strong Northeast Jefferson County submarket, enhancing its repositioning potential.  Over the next four years, REIS forecasts a strong average annual rent growth of 4.4 percent in Northeast Jefferson County. “This transaction proved to us that Capital One is willing to execute large transactions with favorable structures in secondary markets,” said Sundance Bay Managing Director Matt Romney.

Common amenities at the Woodbridge Apartments include a 24-hour fitness center, swimming pool, lighted tennis courts, basketball court, two stocked lakes with fishing pier, and picnic and grilling areas.


WHAT THEY SAY ABOUT US

“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

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*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.