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Capital One Closes $9.3MM FNMA Loan to Refinance Apartment Complex

July 14, 2015, 07:19 AM
Filed Under: Real Estate

Capital One Multifamily Finance provided a $9.3 million Fannie Mae fixed-rate loan to refinance Lakecrest Apartments, a 225-unit apartment complex in Greenville, South Carolina. Meridian Capital Managing Director Jacob Katz, Senior Managing Director Abe Hirsch, and Managing Director Zev Karpel originated the transaction.  The borrower was PRG Real Estate Management, a repeat Capital One and Fannie Mae client.
PRG owns and manages more than 11,000 apartment homes in over 40 communities.  It purchased Lakecrest in 2006 and has subsequently renovated nearly 200 units, replacing floors and modernizing kitchens and bathrooms, as well as replacing the roofs of six of the community’s residential 22 buildings. The refinancing will allow PRG to continue this program until all apartments are renovated and roofs replaced.
“We were pleased that PRG again chose Meridian and Capital One for its refinancing needs,” Katz said. “The firm’s principals, Steven Berger, Jon Goodman, and Sam Foster are highly skilled owners and operators with a track record of investing capital back into their properties.” Capital One recommended that PRG use Fannie Mae’s Streamlined Early Rate Lock Program, which allowed it to benefit from current low interest rates. “We try to anticipate our clients’ needs and provide financial solutions that help them achieve their goals,” said Jonathan Wood, Vice President at Capital One.
“We keep returning to Meridian and Capital One because they demonstrate with each transaction that they have our best interests at heart,” said Foster, PRG’s Chief Executive Officer.
Built in 1976, Lakecrest offers amenities including a lake stocked for fishing, an indoor basketball court, picnic areas, jogging/biking trail, fitness center, playground, swimming pool, tennis and racquetball courts, and billiards room. All units have private patios or balconies, and select units offer handicapped access.
The seven-year fixed-rate loan has five years of yield maintenance and two years of interest-only payments, followed by a 30-year amortization schedule.
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.

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