Capital One Provides $25M for Albuquerque Property
Albuquerque Meadows is a 430-unit, age-restricted manufactured housing community that includes a clubhouse, pool, and arts and crafts center.
By D.C. Stribling, Contributing Editor
Capital One has provided a $24.7 million Fannie Mae fixed-rate loan for the acquisition of Albuquerque Meadows by a private investor. The property is a 430-unit, age-restricted manufactured housing community in Albuquerque.
Built in 1972, Albuquerque Meadows includes a clubhouse with fitness center, arts and crafts center, central laundry and pool. The property is a gated community.
Experienced Manufacturing Housing Owner
The buyer is no stranger to the sector, according to Capitol One. It owns 21 manufactured housing communities in various states, including Arizona, California, Colorado, Connecticut, Illinois, Iowa, Michigan, Nebraska, Nevada, Oregon and Washington.
Damon Reed, senior vice president and Capital One Multifamily Finance’s director of MHC Finance, originated the transaction. This is the borrower’s 26th loan with Capital One.
“To mitigate interest rate risk, we arranged for an early rate lock under Fannie Mae’s Streamlined Early Rate Lock Program,” Reed said. “We were also able to secure an increase in loan proceeds after rate lock by underwriting a rent increase one month before closing.”
