Capital One Arranges Refi of UCR Student Housing MF
Capital One provided a $16.9 million Fannie Mae fixed-rate loan to refinance International Village, a 92-unit, 341-bed student housing apartment on the campus of the University of California, Riverside (UCR). The 30-year, fixed-rate loan has an interest rate below 5%, and will be amortized on a 30-year schedule.
Positive Investments purchased International Village, a dedicated student property at UCR, in 2016, and has increased occupancy from 78% to more than 93%. The property is subject to a ground lease agreement with the Regents of the University of California.
Built in 2001, International Village is located directly across from the University Extension Center. It offers a diversified mix of studio, two, three, and five-bedroom units.
Capital One Multifamily Finance’s Andrew Kwok originated the transaction. The sponsor, Positive Investments, is a repeat client of Fannie Mae and Capital One.
For comments, questions or concerns, please contact Dennis Kaiser