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Capital One Furnishes Freddie Mac SBL on Wicker Park Rentals
Capital One provided a $7.5 million Freddie Mac Optigo Small Balance Loan (SBL) to refinance a 17-unit mixed-use apartment complex in the North Side’s Wicker Park neighborhood. The borrower, Saxony Capital, has purchased and refurbished a series of properties in the neighborhood.
VP Vincent Punzi (pictured) with Capital One Multifamily Finance originated the transaction. It’s the fifth Freddie Mac SBL that Saxony has secured through Capital One.
The 20-year hybrid-rate loan has a fixed rate for the initial five years, and a floating rate thereafter. Interest-only payments will be made during the first five years, followed by amortization on a 30-year schedule.
“Saxony’s commitment to the neighborhood, its pride of ownership and its history of transforming and renovating vintage real estate into profitable properties combined to make this a very appealing transaction for us,” Punzi said. The borrower purchased the unidentified property in January 2018 and embarked on a gut renovation.
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