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Capital One Arranges $218M Refi for Sunnyvale MF

Capital One provided Fannie Mae fixed-rate loans totaling $218 million to refinance Encasa Apartments, a newly-developed 465-unit class A community in Sunnyvale, CA. The sponsor, Raintree Partners, is a Fannie Mae priority borrower. Capital One Multifamily Finance’s Kristen Croxton and Greg Reed originated the transactions.

The 10-year, fixed-rate loans have 10 years of interest-only payments. Additionally, the property, located at 520 E. Weddell Dr., qualified for Green Globe certification, making it eligible for a lower all-in interest rate.

Encasa was constructed in two phases on parcels separated by open greenspace. Each phase of the project has its own amenity package, including co-working facilities, project workrooms and fitness studios.

Croxton says, “Although both phases are being operated as one asset, Raintree wanted the flexibility to manage each phase of the project independently. As a result, we provided a bifurcated A/B loan structure to allow for separate operations in the future, if desired.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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