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Capital One Closes $45MM to Refinance Delaware Apartment Complex

July 29, 2015, 06:49 AM
Filed Under: Real Estate

Capital One announced it has provided a $45 million Fannie Mae ten-year fixed-rate loan to refinance Christiana Meadows, a 648-unit apartment complex in Bear, Delaware, a suburb of Wilmington. Senior Vice President Brian Sykes originated the transaction. Commonwealth /Emory Hill, owners of Christiana Meadows, had previously refinanced the property with Capital One. 
“We have a strong relationship with the borrowers, and we knew we had to bring them a solution that fit their specific needs,” Sykes noted.  “As with all our transactions, our challenge was to offer the most competitive and customized package.”  Sykes and his team recommended the Fannie Mae Choice Refinance Process, designed to speed the underwriting of consecutive Fannie Mae loans from the same lender.  This process also allowed Capital One to waive the one percent refinancing fee the borrowers otherwise would have paid.  Capital One also recommended Fannie Mae’s Streamlined Early Rate Lock program. 
“Capital One laid out a path that enabled us to reduce the cost of the transaction while lowering our debt service going forward,” said Brock Vinton, Commonwealth’s President and CEO. “Brian and the entire Capital One team understand our financing needs, and they moved quickly to accommodate our tight timeframe.”  Founded in 1973, Commonwealth invests, develops, leases, and manages real estate assets in the Mid-Atlantic region, particularly in the Wilmington MSA.  It developed Christiana Meadows between 1987 and 1989 and has invested substantially in the property in recent years.
“This was a win-win for all parties,” Sykes said. “Fannie Mae liked the transaction because it was a low leverage deal involving a long-term owner with a track record of improving the property.  Commonwealth liked it because it enabled it to recoup its investments in the property and generate cash to renovate additional units and invest in other properties.”
Capital One Financial Corporation is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $210.4 billion in deposits and $306.2 billion in total assets as of March 31, 2015.

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