Capital One has provided a $27.1 million Fannie Mae fixed-rate loan to refinance 4700 Colonnade, an apartment community in Birmingham, Ala. The loan was used to retire construction debt and return proceeds to the borrowers. The 10-year fixed-rate loan has two years of interest-only payments and is followed by a 30-year amortization schedule.
Chad Thomas Hagwood, senior vice president who leads Capital One Multifamily Finance’s Southeast region, originated the transaction. “We were pleased to put together this financing for 4700 Colonnade, which is in a section of Birmingham that has become increasingly attractive for both employers and residents. This location and this property are truly exceptional by every measure. It’s particularly rewarding to have such a very competitive Fannie Mae execution for a great client,” he told Multi-Housing News.
4700 Colonnade was completed in May 2016 and was 97 percent occupied upon closing. The three-, four- and five-story buildings comprise 215 units. Floor plans consist of one- and two-bedroom apartments ranging from 656 to 1,233 square feet. In-unit features include 10-foot ceilings, two-inch wood inspired blinds, hardwood plank flooring, stainless steel appliances, walk-in showers, walk-in closets, washer/dryers, private balcony/patios, granite countertops in kitchens and bathrooms and brushed nickel fixtures. Residents have access to amenities such as a 24-hour fitness center that features a training and yoga studio, resort-style pool with sundeck, a dog spa, two-story clubhouse with coffee bar and Wi-Fi, a business center, private storage units, walking trails, two outdoor fire pits and 430 parking spots.
Images courtesy of 4700 Colonnade