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Capital One Closes $5MM Loan for Manufactured Housing Community Acquisition

May 27, 2015, 07:06 AM
Filed Under: Real Estate

Capital One Multifamily Finance provided a $5 million Fannie Mae fixed-rate loan for the acquisition of Idle Wheel, a 153-space manufactured home community (MHC) in Woodland, California, part of the Sacramento MSA.  Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance, originated the transaction.  The sponsors are repeat customers of both Capital One and Reed.
Speed and certainty were priorities of the sponsors, who faced a financing deadline to secure their earnest money deposit.  “Our previous experience with the sponsors gave them confidence in Capital One’s capabilities,” Reed said. “They knew we could get the transaction done.”  Reed and his team closed the loan ahead of the deadline, just 40 days from application.  In addition, they used Fannie Mae’s early rate lock process to take advantage of a drop in rates, securing an interest rate of 4.15 percent for the sponsors.
Built in 1961, Idle Wheel is located in a residential area with convenient access to shopping and dining options.  Project amenities include a clubhouse, pool, game room, and laundry facility.  The community is 99 percent occupied.
The ten-year fixed-rate loan has two years of interest-only payments, 9.5 years of yield maintenance and a 30-year amortization payable on an actual/360 basis.
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 Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.

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