August 1, 2017
Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.
Capital One provided a $47.2 million Fannie Mae fixed-rate loan to refinance Chesapeake Commons, a 600-unit apartment community in Rancho Cordova, CA. Capital One Multifamily Finance’s Kristen Croxton and Greg Reed originated the transaction.
The seven-year fixed-rate loan has full-term interest-only payments. Wasatch Group, the sponsor, used the loan to pay off a Fannie Mae regulatory bond on the property.
“The Wasatch Group is a repeat customer with strong financials and years of experience,” Croxton noted. “Their track record gave us more leeway to structure the loan to meet the company’s needs.”
Wasatch has owned the property since 1997, and has invested substantially in upgrading exteriors, community amenities and individual units. Water conservation upgrades resulting in at least a 20% reduction in water use allowed the project to qualify for reduced pricing under Fannie Mae’s Green Rewards program.
For comments, questions or concerns, please contact Dennis Kaiser