Capital One announced today that it provided a $24.6 million Freddie Mac loan to California Landmark to refinance Woodlark Residences, an 80-unit apartment community in Larkspur, California. Senior Vice Presidents of Agency Finance, Greg Reed, Kristen Croxton, and Tina Quirin originated the transaction, which closed at the end of May. The five-year fixed-rate loan has three years of interest-only payments, as well as favorable financing terms given the property’s alignment with Freddie Mac’s mission-driven focus.
“As we continue to work through a challenging interest rate environment, we leveraged Freddie Mac’s Index Lock program to mitigate interest rate volatility,” said Reed. “This transaction also supports the Agencies’ focus on creating and preserving mission-driven housing properties in an effort to close the gap in affordable and workforce housing supply and demand.”
California Landmark, a repeat Capital One and Freddie Mac customer, acquired Woodlark Residences in 2014 and has since invested $3.7 million toward capital improvements, including upgrading all units as well as common areas and amenities. Formed in 1988, California Landmark acquires, rehabilitates, and develops real estate throughout California.
“We’re pleased to be working with Capital One and Freddie Mac on another successful transaction,” said Ken Kahan, CEO of California Landmark. “We’re committed to continued investment in Woodlark Residences, a community that brings much needed workforce housing to the very high-cost San Francisco MSA. Capital One did a terrific job with an index lock on the front-end to eliminate interest rate risk in a volatile market.”
Capital One Agency Finance, a top-5 agency lender*, provides multiple financing solutions for multifamily investors, including Fannie Mae, Freddie Mac, and FHA programs nationwide. The team also has access to additional balance sheet financing options as a top-10 U.S. commercial bank. With bankers, underwriters and service teams in locations across the country, Capital One Agency Finance is ready to help developers and property owners find unique solutions to their financing needs.
*Fannie Mae reported 2022 Multifamily DUS(R) Lender Awards and Freddie Mac reported 2022 Top Optigo(R) Lenders by Volume
