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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