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Capital One Closes $22.1MM FHA Loan to Montana Apartment Complex

February 26, 2015, 07:18 AM
Filed Under: Real Estate

Capital One Multifamily Finance announced it has provided  a $22.1 million fixed-rate, HUD 221(d)(4) loan for construction and permanent financing of Remington Apartments, a 216-unit, market-rate, Class A rental community in Helena, Montana.  The developer, Rockworth Companies, has substantial experience developing multifamily rental communities in metropolitan areas in the Rocky Mountain West and the Great Plains States.

Remington Apartments will be the first market-rate apartment complex of significant size developed in the Helena metropolitan area in more than 35 years.  Slated to open in mid-2016, Remington Apartments will offer one, two-, and three-bedroom units with such modern finishes as granite countertops and a substantial range of indoor and outdoor common area amenities, including a clubhouse, swimming pool, grilling areas, and children’s playground.

“The Capital One team did an excellent job shepherding our documents through the FHA 221(d)(4) process,” said Steve Broadbent, Rockworth’s division leader for multifamily housing, senior housing, and health club development. “With rates at historic lows, this FHA program provides exceptional value.”  The FHA 221(d)(4) program funds construction, offers a 40-year term upon construction completion, and is non-recourse to the borrower.

Rockworth was attracted to the strong fundamentals in the Helena market, including below-average unemployment, high occupancy rates at existing communities, and projections of strong population growth through the remainder of the decade. 

Capital One Bank’s Commercial Real Estate Group provides financing in markets nationwide, offering a comprehensive array of solutions for property owners and developers, including balance sheet and agency lending, financing, underwriting, and treasury management.

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