Capital One Closes $10M Fannie Mae Loan for SoCal Community
- Mar 29, 2017
Modesto, Calif.—Capital One has provided a $10 million Fannie Mae adjustable-rate loan for the acquisition of Chardonnay Ridge Apartments, a 116-unit, garden-style apartment community in Modesto, Calif. This is Capital One’s third transaction this year with the sponsor, Positive Investments, who owns and operates more than 5,000 multifamily units in Northern and Southern California.
Andrew Kwok, vice president in Capital One’s Newport Beach office, originated the transaction. The seven-year floating-rate loan has an embedded cap and an option to convert to a fixed-rate at any point during the term.
The seller, Aspen Square Management, had revamped approximately 60 percent of the units with new flooring, fixtures, cabinetry, and appliances. Built in 1979, the community features an outdoor pool and a 24-hour fitness center. According to Yardi Matrix, the property had a 97.4 percent occupancy rate in February 2017. Located at 1313 Celeste Drive, the community is close to Sutter Health Memorial Medical Center and several shopping centers.
Image via Yardi Matrix