Capital One provided a $19 million Freddie Mac variable-rate loan for the acquisition of Eagle Chase Apartments, a 156-unit multifamily community in Indianapolis, Indiana. The sponsor, Summit Equity Investments, is a repeat Capital One and Freddie Mac customer. Kristen Croxton and Greg Reed, Senior Vice Presidents in Capital One Agency Finance’s office in Newport Beach, California, originated the transaction. The 10-year loan has five years of interest-only payments followed by amortization on a 30-year schedule.
“Regardless of how many times we’ve turned to Capital One for our financing, Kristen, Greg, and the team approach each transaction as if it were their first,” said Eric Mertbauer, Summit’s Director of Acquisitions. “They always go the extra mile.” For this transaction, Capital One was able to secure the borrower more proceeds than originally requested.
Summit Equity Investments is a family office investor and investment manager that acquires and manages multifamily real estate in strong, secondary markets throughout the United States.
“The knowledge we’ve gained about Summit working with them continuously over the past year pays dividends when it comes to securing advantageous terms and streamlining the transaction process,” Reed said. “We value the trust Eric and his team place in us and do our best to deliver superior results.”
Built in 1995, Eagle Chase is a pet-friendly community a short walk from Eagle Creek Park, one of the largest municipal parks in the United States. It offers a variety of one- and two-bedroom floor plans with expansive walk-in closets and private balconies and patios. Common-area amenities include a clubhouse with exercise room and full kitchen, a lighted tennis court, and a resort-style swimming pool.
Capital One Agency Finance, a top-10 agency lender, provides multiple financing solutions for multifamily investors, including Fannie Mae, Freddie Mac, and FHA programs nationwide. The team also has access to additional balance sheet financing options as a top 10 U.S. commercial bank. With bankers, underwriters and service teams in locations across the country, Capital One Agency Finance is ready to help developers and property owners find unique solutions to their financing needs.