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Capital One Closes $49.8M Refi for Oceanside Apartments
Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.
Capital One provided a $49.8-million Freddie Mac fixed-rate loan to refinance Riverview Springs, a 358-unit apartment community in Oceanside, CA. Built by Spruce Grove in 1990, the property is located at 4398 Rainier Way, and has one, two, and three-bedroom units on more than 23 acres.
Capital One Multifamily Finance’s Chuck Christensen originated the transaction. The 10-year, interest-only loan has standard defeasance prepayment.
“The sponsors have room to build almost 50 new townhouses on the property, but the terms of their previous loan precluded this possibility,” Christensen said. His team crafted a solution based on an expansion rider to the loan documents that will allow the units to be built. The sponsors will use proceeds from the transaction to finance the new construction.
The sponsors, Spruce Grove, Inc., are repeat Freddie Mac borrowers and have an existing Freddie Mac loan through Capital One.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing




