Capital One Secures $15M Loan for GA Apartment Community
- Jan 16, 2017
Columbus, Ga.—Capital One announced it provided a $15.5 million Fannie Mae fixed-rate loan to finance the acquisition of Hampton Place Apartments in Columbus, Ga. Chad Hagwood, senior vice president who leads Capital One Multifamily Finance’s Southeast region, originated the transaction and was assisted by Brandon Pate, who managed the loan process. The 10-year loan has three years of interest-only payments followed by amortization on a 30-year schedule and nine and a half years of yield maintenance.
Located at 6515 Thea Lane, the gated, 390-unit apartment community was developed between 1983 and 1987. According to Yardi Matrix, Hampton Place offers two- and three-story apartments with studios and one-, two- and three bedroom floorplans ranging from 560 to 1,500 square feet.
Since 2013, there has been an update on appliances and cabinets, a remodel of the gym and a refinishing of one of the pools. Interior offerings feature electric and water included, cable hook-up, balconies, fireplaces, large closets, vaulted ceilings, dishwashers and ceiling fans. Other amenities for the community include a dog park, two laundry facilities, tennis and volleyball courts, a clubhouse, picnic areas with gas grills, a spa, a community room, two car washes, a playground, storage, a business center and 780 parking spaces.
This is the second transaction that the sponsor, StoneRiver Co., has completed with Capital One this year.
“We were pleased when StoneRiver returned to us to help with financing their acquisition of Hampton Place. This is a tremendous asset and has fantastic potential under StoneRiver’s management,” Hagwood told Multi-Housing News. “There are always efficiency’s built in when working with a returning client, however we approach every transaction with fresh eyes and work hand in hand with the customer to structure what is best suited for their specific needs and objectives.”
Image courtesy of Yardi Matrix