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Capital One Closes $13MM Fannie Mae Loan to Refinance Los Angeles-Area Apartments

July 13, 2021, 06:00 AM
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Capital One provided a $13 million Fannie Mae loan to refinance La Corona del Mar, a 107-unit apartment community in San Pedro, California. Kristen Croxton and Greg Reed, Senior Vice Presidents in Capital One Agency Finance’s office in Newport Beach, California, originated the transaction. The team worked with Andre Gonzales, a principal with Alcole Capital Group, a full-service mortgage brokerage in El Segundo, California. Their client, an experienced Los Angeles-based developer, is a first-time Capital One client.

Capital One provided the borrower with a 10-year fixed-rate full term interest-only loan, amortized on a 30-year schedule.  

“We recommended that the borrower take advantage of Fannie Mae’s Green Rewards program,” Croxton said. “Under Green Rewards, Fannie Mae can lower interest rates and increase the loan proceeds due to the reduced expenses from the energy and water conservation devices the borrower agrees to install post-closing.” Capital One also took advantage of Fannie Mae’s streamlined rate lock procedure, allowing it to rate lock quickly and eliminate interest-rate risk while locking in a rate in the mid 3% range.

“We’re continuously impressed with the Capital One team,” Gonzales said. “Over the years our firm has arranged many transactions with Capital One and they continue to meet our needs and expectations. I enjoy strategizing and collaborating with them, and I appreciate their consistent execution. We know that regardless of the size of the deal that the borrower will benefit from Kristen and Greg’s experience and attention to detail. We expect that our clients will continue to benefit from our firm’s strong relationship with the Capital One team.”

La Corona del Mar opened in 1986 and has been well-maintained by the sponsor since it was purchased in 1996. It looks out over San Pedro Harbor and the Palos Verdes Hills and is close to local beaches.

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