Capital One Provides $33M Loan for Florida Affordable Housing Property
By Cathy Cunningham June 15, 2020 2:15 pm
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Capital One (COF) Multifamily Finance has provided $33.1 million in agency financing for Fairstead’s acquisition of Federation Sunrise, a multifamily property in Sunrise, Fla., Commercial Observer has learned.
Meridian Capital Group’s Drew Anderman and Alan Blank negotiated the 16-year Freddie Mac (FMCC) loan, which features a 40-year amortization schedule. Capital One’s Evan Williams led the financing on behalf of the bank.
The three-story affordable housing property—at 5010 North Nob Hill Road, less than an hour from Miami—is subject to a long-term Section 8 contract and comprises 123 units.
“This acquisition and significant renovation of Federation Sunrise by Fairstead will preserve high-quality affordable housing for seniors in South Florida for at least the next 30 years,” Anderman said in prepared remarks. “Fairstead is one of the best affordable housing developers in the country and we are proud to partner with them on this important initiative.”
Now that the acquisition is complete, Fairstead plans on fully renovating the property’s exterior as well as all common areas.
“Fairstead is thankful to Meridian and Capital One for helping us secure this loan, which will allow for the acquisition and subsequent substantial renovation of Federation Sunrise,” Will Blodgett, co-founder and partner of Fairstead, said. “Through this process, Fairstead will significantly upgrade the entire property and ensure the building remains affordable for at least the next 30 years.”
