capital one today announced it has provided a $33.8 million Freddie Mac variable rate loan to FCP.® Refinanced Heights on Huron, a 252-unit multifamily residential community in Northglenn, Colorado. FCP will continue to partner with Avanti Residential after the transaction. A 10-year loan includes 5 years of interest-only payments.
The transaction closed on August 19 and was facilitated by Jonathan Pratt and Rossana Buchaya, senior vice presidents of agency finance at Capital One, and Patrick Greenwood, assistant vice president of agency finance.
“This deal will help us maintain quality workforce rental housing in the Denver metropolitan area,” Pratt said. “Furthermore, our team was able to secure a favorable loan for his FCP, a longtime borrower of Capital One and Freddie Mac, resulting in a higher than expected return.”
Heights on Huron is located just 11 miles north of downtown Denver, with access to public transportation, retail, and restaurants. The property has one- and two-bedroom apartments with community he amenities such as a dog park, swimming pool, picnic area, playground, and 24-hour emergency maintenance service.
“Heights on Huron is well-located and will benefit from our venture plans to invest more than $3 million in recapitalization of the property. Leverage our team’s expertise to navigate market uncertainty We commit to a long-term relationship through both agency and balance sheet financing by securing favorable interest rates.”
Avanti CEO Chris Garner said: “This is a prime example of how we can work together to implement value-added strategies to improve our community.”
FCP’s portfolio includes apartments, offices and mixed-use properties. Since 1999, FCP has owned or financed over 49,000 multifamily homes.
Capital One’s Commercial Real Estate Group provides property owners and developers nationwide with a comprehensive suite of financing solutions, including balance sheet and agency lending. As a top 10 agency lender*, Capital One provides loans to multifamily investors nationwide through Fannie Mae, Freddie Mac, and his FHA program. For additional information, visit capital.one/multifamily.
*Fannie Mae reported the 2021 Multifamily DUS(R) Lender Awards and Freddie Mac reported the 2021 Top Optigo(R) Lenders by Volume