Capital One Closes $44M Loan for SoCal Refi

Amberway Apartments in Anaheim, Calif., is a 34-year-old garden-style community with 272 units and luxury amenities.

A 4-year-old girl died after apparently being struck by a car in the parking lot of an apartment complex Thursday night, police said. Officers about 10:20 p.m. responded to reports of a traffic accident in the 400 block of South Chatham Circle, Anaheim police Sgt. Bob Dunn said. ///ADDITIONAL INFO:  -Photos taken 9/9/11 by BRUCE CHAMBERS, THE ORANGE  COUNTY REGISTER  - ANAHEIM  Ð A 4-year-old girl died after apparently being struck by a car in the parking lot of an apartment complex Thursday night, police said. Officers about 10:20 p.m. responded to reports of a traffic accident in the 400 block of South Chatham Circle, Anaheim police Sgt. Bob Dunn said. They found a 4-year-old girl suffering from traumatic injuries, Dunn said. She was taken to a trauma center, where she was pronounced dead shortly after 11 p.m. Police are investigating the cause of the accident, which took place in the parking lot of a gated apartment complex. No arrests have been reported.

McLean, Va.-based Capital One has closed a $43.5 million Fannie Mae fixed-rate loan to refinance Amberway Apartments in the heart of Orange County, Calif. Located at 489 South Chatham Circle in Anaheim, the 34-year-old garden style apartment community features 272 apartments and a broad array of upscale amenities.

The borrower is a long-time real estate investor, and a repeat Fannie Mae and Capital One client. The apartment community will continue to be managed by Orange County-based Greenwood & McKenzie. The transaction was originated by Kristen Croxton and Greg Reed, senior vice presidents in the Capital One Multifamily Finance office in nearby Newport Beach, Calif.

The 10-year, fixed-rate loan has five years of interest-only payments followed by amortization on a 30-year schedule. The client has owned Amberway Apartments for 14 years and has excellently maintained the property. He owns 13 Southern California apartment communities, representing 2,000 units.

Loan amount increased

Beginning with the application stage, Croxton and Reed embraced an assortment of strategies to achieve success. They found that under Fannie Mae’s Green Rewards program, the property provided ample opportunities for both water and energy savings, thereby qualifying for a lower rate and more significant loan proceeds. As well, they leveraged Fannie Mae’s Streamlined Early Rate Lock program to ensure rates would not rise during final underwriting. In addition, Capital One was able to boost the loan amount prior to closing by citing increasingly robust net operating income

The transaction was complicated by a large defeasance penalty on the existing loan,” Croxton explained. “The challenge was to offset the effects of the penalty in order to meet the client’s investment objectives.”

Added Reed: “We worked hand in hand with the client to map out the strategy that ensured the best possible outcome.

“This transaction exemplified our in-depth knowledge of Fannie Mae programs, our ability to navigate the defeasance process, and our determination to do whatever it takes to meet our clients’ needs.”