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Posts Tagged ‘Capital One Multifamily’

Fannie Mae Funds $5M Refi of Napa Olympia MHC in Calif.

April 1st, 2016 Comments off

mfg homes  nbcsandiego creditCapital One Multifamily informs MHProNews that it arranged a $5.0 million Fannie Mae 30-year term fixed-rate loan to refinance the Napa Olympia Mobile Lodge in American Canyon, Calif. Marking their 11th Fannie Mae transaction with Capital One, the owners acquired the property in 2005 with a ground lease in place.

The lessor agreed to extend the lease from seven years to 32.5 years, thereby allowing the owners to obtain new long-term debt on Napa Olympia, but then imposed a hard deadline on completing the transaction. Damon Reed, Capital One’s Director of MHC Finance, originated the transaction and he and his staff managed to get the loan approved within 35 days of application.

The funds will allow Napa to retire higher-interest rate debt, complete upgrades to the community and add equity to the partnership. The all-age 201-home site MHC, located 75 miles northwest of San Francisco, was built in 1968 and features a swimming pool, spa and RV storage. ##

(Photo credit: nbcsandiego–manufactured home community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Idle Wheel Mobile Home Park Rolls to a New Owner

May 27th, 2015 Comments off

mfg community  california  progressive housing creditCapital One Multifamily Finance secured an interest rate of 4.15 percent in arranging a $5 million Fannie Mae fixed-rate loan for the acquisition of Idle Wheel Mobile Home Park in Woodland, California. According to abladvisor, Damon Reed, Sr. Vice President and Capital One Multifamily’s Director of MHC Finance, arranged the financing for the sale of the 153 home site community.

Facing a financing deadline, Reed was able to seal the deal within forty days of application. Idle Wheel was built in 1961 and is 99 percent occupied. The ten-year fixed-rate loan has two years of interest-only payments, 9.5 years of yield maintenance and a 30-year amortization payable on an actual/360 basis.

In a returned call from Capital One’s corporate communications, Michael E. Bulgur tells MHProNews neither the seller nor the buyer’s name is currently available.

(Photo credit: progressivehousing-manufactured home community in California)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.