Capital One announced that it has provided a $61.25 million Fannie Mae fixed-rate loan to refinance a 500-plus unit apartment community in Northern Delaware. Brian Sykes, Senior Vice President in Capital One Multifamily Finance’s Boston office, originated the transaction. The sponsor, The Galman Group, is a repeat Capital One customer. The 10-year loan has a seven-year interest-only provision, amortizing on a 30-year schedule thereafter.

“Our focus with this transaction was to enable The Galman Group to make the most of the favorable rate environment,” Sykes said. Capital One provided a streamlined rate-lock commitment within a day of signed application, allowing The Galman Group to take advantage of a drop in the U.S. Treasury rate. Subsequently, Capital One was able to increase proceeds during underwriting.

The Galman Group is a fully integrated, regional real estate investment and management firm. It owns more than 7,000 units and manages more than 10,000 units in Delaware and Pennsylvania, primarily within the Philadelphia MSA. The Galman Group has owned this property since 2007 and has consistently reinvested in these Class B apartments, which provide much-needed workforce housing. The community offers a variety of floorplans, from studios to three-bedroom apartments, and has a fitness center and resort-sized swimming pool.

“We appreciate the speed and certainty of execution that Capital One provides,” said Samuel Goldstein, Chief Financial Officer of The Galman Group. “Brian’s team works hard to make sure our transactions are as seamless as possible.”

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/multifamily.