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Capital One Closes $53.4MM Loans in Apartment Complex Refi

June 10, 2015, 07:09 AM
Filed Under: Real Estate

Capital One announced that it has provided secured term loans totaling $53.4 million to enable the Brookfield Strategic Real Estate Partners Fund to refinance four apartment complexes in North Carolina and South Carolina. The refinanced North Carolina properties are Chason Ridge, a 252-unit property in Fayetteville, and Bridges at Mallard Creek, a 194-unit property in Charlotte, which received loans of $9.5 million and $11.1 million respectively. In South Carolina, Waverly Place, a 240-unit community in North Charleston, received a $12.7 million loan, and Paces Watch, a 232-unit community in Mount Pleasant, received a $20.6 million loan. The fund and its related entities have now closed 22 secured loans in one large portfolio financing plus additional one-off debt financings with Capital One in the past 18 months.
“Brookfield is a trusted client of Capital One,” said Michael Sleece, Senior Vice President within the REIT Commercial and Investment Banking Group at Capital One.  “Our close relationship and understanding of their financing needs helped us meet Brookfield’s repayment deadlines on its existing CMBS obligations.”
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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