Capital One Lends $92M on Delaware Multifamily Portfolio
By Cathy Cunningham July 14, 2020 6:37 pm
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Capital One Multifamily Finance has provided $92 million in debt to refinance a four-property multifamily portfolio in Delaware, Commercial Observer has learned.
Meridian Capital Group’s Israel Schubert and Josh Munk negotiated the debt, which comprises three 10-year Freddie Mac loans with rates of 2.98 percent and full-term interest-only payments. Marc Soto, a vice president at Capital One, led the financing on behalf of the lender.
“Despite the challenges and hurdles encountered as a result of COVID-19, Meridian was able to negotiate a truly remarkable large cash-out refinance featuring full-term interest-only payments at rates below 3 percent during the height of the pandemic,” Munk said.
Meridian declined to comment on the sponsor’s identity but a source familiar with the transaction said the multifamily portfolio is owned by Sovereign Properties.
It includes Woodmill Apartments at 1300 South Farmview Drive and Baytree Apartment Homes at 218 Bay Tree Road in Dover, Del.; Village of Canterbury at 900 Rembrandt Circle in Newark, Del.; and Arundel Apartments at 3009 Crossfork Drive in Wilmington, Del. Amenities include swimming pools, fitness centers, picnic areas, and resident lounges.
Last month, Capital One provided $33.1 million in agency financing for Fairstead’s acquisition of Federation Sunrise, a multifamily property in Sunrise, Fla., as reported by CO. Meridian’s Drew Anderman and Alan Blank negotiated the debt.
