Washington, D.C., October 31, 2014 - Capital One Multifamily Finance provided a $12.7 million Fannie Mae fixed loan to refinance Wilde Lake Apartments, a 190-unit class A-/B+ apartment community in Richmond, Virginia. Senior Vice President Sadhvi Subramanian and Vice President and Mike Antonelli, in Capital One Commercial Real Estates Washington, D.C., office, originated the transaction. Subramanian is responsible for Capital Ones commercial real estate activities in the region, including construction loans, term loans, and lines of credit.
The borrower is an affiliate of Lerner Enterprises, one of the largest private real estate developers in the Greater Washington, D.C., area. Over the last six decades, Lerner has built a diverse portfolio of projects comprising more than 20 million square feet of commercial and retail space, more than 22,000 private homes, and more than 7,000 apartment units. Lerners existing Fannie Mae loan on the Wilde Lake Apartments matured in 2014.
Thanks to our close relationships with Fannie Mae, we were able to match the pricing and terms that Lerner, as a preferred borrower, was offered by other lenders, said Subramanian. In addition, we were able to tailor the transfer provisions to meet their needs.
This is the first transaction that Capital One completed on the Agency side for Lerner and highlights the expanded range of services the bank can now bring to borrowers since it acquired Beech Street Capital.
The fixed-rate loan has a 10-year term, 9.5 years of yield maintenance, and 30-years amortization payable on an actual/360 basis.
Capital One Banks Commercial Real Estate Group provides financing in markets nationwide, offering a comprehensive array of solutions for property owners and developers, including balance sheet and agency lending, financing, underwriting, and treasury management.