Capital One announced today that it has provided a $33.8 million Freddie Mac floating-rate loan to FCP® to refinance Heights on Huron, a 252-unit multifamily housing community in Northglenn, Colorado. FCP will continue to partner with Avanti Residential following the transaction. The 10-year loan includes five years of interest-only payments.
The transaction closed on August 19 and was facilitated by Capital One Senior Vice Presidents of Agency Finance Jonathan Pratt and Rossana Bouchaya, and Assistant Vice President of Agency Finance Patrick Greenwood.
“This transaction helps preserve high-quality workforce rental housing in the Denver metro area,” said Pratt. “Additionally, our team was able to lock in favorable financing for FCP, a long-time Capital One and Freddie Mac borrower, which drove higher proceeds than anticipated.”
Heights on Huron is located just 11 miles north of downtown Denver with access to public transportation, retail and restaurants. The property features one- and two-bedroom apartments with community amenities including a dog park, swimming pool, picnic area, playground and 24-hour emergency maintenance services.
“Heights on Huron is well located and will benefit from our venture’s plans to invest more than $3 million in capital improvements for the property,” said Bart Hurlbut, FCP Vice President of Multifamily Acquisitions for the Western U.S. “This transaction once again demonstrated Capital One’s commitment to our longstanding relationship through both Agency and balance sheet lending, leveraging the team’s expertise to navigate market uncertainty and secure favorable rates.”
“We look forward to another successful partnership and an ongoing relationship with FCP,” said Chris Garner, chief executive officer of Avanti. “This is a prime example of how we are able to work together to execute a value-add strategy to improve the community.”
FCP’s portfolio includes multifamily, office and mixed-use properties. FCP has owned or financed more than 49,000 multifamily units since 1999.
Capital One’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. As a top-10 agency lender*, Capital One provides financing for multifamily investors nationwide through Fannie Mae, Freddie Mac and FHA programs. Additional information can be found at capital.one/multifamily.
*Fannie Mae reported 2021 Multifamily DUS(R) Lender Awards and Freddie Mac reported 2021 Top Optigo(R) Lenders by Volume
