Capital One Closes $17M Student Housing Refi
The 341-bed International Village serves students at the University of California Riverside and has an occupancy rate of 93 percent.
By Adina Marcut
International Village
Capital One has secured a $16.9 million Fannie Mae loan to refinance a student housing property. The 92-unit International Village serves students at University of California Riverside. Vice President Andrew Kwok of Capital One Multifamily Finance’s office in Newport Beach, Calif., closed the 30-year, fixed-rate loan with an interest below five percent, which will be amortized on a 30-year schedule. The sponsor, Positive Investments, purchased the asset in 2016.
Located across the University Extension Center, International Village offers a mix of studios, two-, three- and five-bedroom units. Built in 2001, the 341-bed community features common-area amenities such as:
- Wi-Fi
- on-site parking
- study lounge
- game room
- music room
- TV/recreation room
- laundry room
- computer lab
- recreation courts
- fitness center
Due to a shortage of on-campus housing, the university encouraged Positive Investments to market the property to the general student body, faculty and staff. As a result, the occupancy for International Village increased from 78 percent to more than 93 percent.
Image courtesy of Capital One
