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Capital One Closes a $4.7MM FNMA Loan for Detroit-Area Housing Community

April 20, 2016, 07:03 AM
Filed Under: Real Estate

Capital One announced it has provided a $4.7 million Fannie Mae fixed-rate loan to refinance Country Cousin Manufactured Home Community, a 309-space manufactured housing community (MHC) in Novi, Michigan. Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance, originated the transaction.
The sponsor, who has over 30 years’ experience in the MHC and commercial real estate market, will use the majority of the loan’s proceeds to gain full ownership of the property.
“At Capital One, we work hard to meet and exceed client expectations in all areas, and closing time is no exception. In this case, the partnership settlement had a hard deadline,” Reed says. “Even though the sponsor was a new client, we were able to rate lock and close within 40 days, which allowed the sponsor to meet this deadline.” 
Country Cousin was constructed in two phases: 212 sites in 1966 and 97 sites in 1996.  Country Cousin is in a relatively affluent neighborhood within the Detroit MSA and is zoned for the Novi School District, one of the better school systems in the state. The nearby Twelve Oaks Mall has numerous high-end retailers, including Nordstrom and Apple. 
The ten-year, fixed-rate loan has 9.5 years of yield maintenance and a 30-year amortization schedule 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.

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