June 21, 2016
Capital One has provided a fixed rate, Fannie Mae loan to the tune of $24.6 million to help Sundance Bay buy the 260-unit Woodbridge Apartments in Louisville, KY. Jonathan Pratt in Capital One Multifamily’s Newport Beach, California, office originated the transaction.
The 12-year, fixed-rate loan has five years of interest-only payments, and a flexible prepayment option. The new owner will renovate the apartments at 1000 Glenridge Dr., as well as invest in exterior improvements and deferred maintenance.
Sundance Bay currently owns and operates a national portfolio consisting of more than 2,900 units. “The Sundance Bay team has built an attractive portfolio of properties across the country, including another nearby property in downtown Louisville,” Pratt said. “They have a well-demonstrated eye for value.”