Capital One announced today that it has provided a $4 million Fannie Mae loan to refinance The Tides at Arcadia, a 49-unit apartment community in Phoenix, Arizona. The sponsor is a repeat Capital One and Fannie Mae customer. Damon Reed, a Senior Vice President at Capital One Multifamily Finance, originated the transaction.
The 10-year fixed-rate loan has five years of interest-only payments, followed by a 30-year amortization schedule. It qualified for Fannie Mae’s 5-50 Unit Streamlined Mortgage program. This is the borrower’s fourth loan with Capital One and Damon Reed.
“Our comprehensive knowledge of Agency financing is a real plus for our customers,” Reed said. “It enables us to find the structure that best fits the circumstances.”
The sponsor purchased the property in 2018 and completed unit renovations begun by its previous owner. Improvements include stainless steel appliances, quartz countertops, and new lighting and plumbing fixtures. The loan proceeds will be used to retired existing higher debt.
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.