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.

International Village
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