California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Capital One Provides $43M Refi on Fullerton Apartments
Capital One provided Fannie Mae loans totaling $43 million to refinance two multifamily communities in Fullerton owned by SC Development, a family-operated company with more than 50 years’ experience in Southern California. The portfolio is composed of the 271-unit Streams and the 222-unit La Villita-La Costa.
Greg Reed, Kristen Croxton and Tina Quirin, SVPs of agency finance, originated the transactions, which closed in June. The separate 10-year fixed rate loans feature interest-only payments for their entire term and replace two Capital One loans maturing this year.
“Given our longstanding relationship with the sponsor and our existing knowledge of these assets, we were able to move quickly to rate lock,” said Quirin. “Both properties support Fannie Mae’s focus on preserving affordable and workforce housing, providing hundreds of mission-driven units to the community.”
Pictured: Streams in Fullerton.
- ◦Financing
