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California  + San Diego  + Finance  | 

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

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Inside The Story

Connect With Capital One's ChristensenConnect With Spruce Grove, Inc.

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
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