Capital One Bank provided an $18 million fixed-rate loan to refinance Executive Towers at Lido, a 276-unit apartment complex in Long Beach, New York.
The borrower, the Walton Family, is a longtime client of Capital One, and the new loan replaces an existing Capital One loan which was closed in 2010.
Robert Akalski, Senior Vice President in Capital One Bank’s Melville, New York office originated the transaction. Executive Towers at Lido is a luxury beachfront apartment complex that consists of two adjacent, seven-story apartment buildings with community amenities that include a pool, sauna, community room, and doorman.
Due to its excellent beachfront location, as well as its proximity to public transportation, shopping, houses of worship and recreational activities including golf and tennis, the property has historically run at 99% occupancy.
“We were very pleased to provide this loan to the Walton family,” Akalski said. “This is a Class A property in an excellent location. We look forward to continue working with the Walton family in the future.”
“Capital One has shown they can meet whatever challenge we bring to them,” said Stuart Walton, Managing Member of the Walton family properties. “We rely on them for financial solutions that fit our needs.”
The fixed-rate, seven-year loan will be amortized on a 25-year schedule. The proceeds of the loan were used to refinance the existing debt and recapture equity for future capital expenditures.
Capital One Bank’s Commercial Real Estate Group offers an array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending.
Capital One Commercial Banking leverages a relationship-based banking model that delivers products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.