RANCHO CUCAMONGA, CA—Capital One MultifamilyFinance has closed a $17.2 million Fannie Mae fixed loanto refinance Vineyard Village, a 164-unitapartment complex in Rancho Cucamonga. ChuckChristensen, senior vice president of originations inCapital One Multifamily's Newport Beach officeoriginated the transaction. The borrower was AllmarkProperties, a company that has invested inincome-producing real estate, primarily in the InlandEmpire region of Southern California, since 1971. This is its fourth deal with Capital One Multifamily and itspredecessor, Beech StreetCapital.

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Allmark's goal was to obtain a maximum leverage loan at thelowest possible interest rate.

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“This is a case where having a consistent relationship with alender really made a difference,” Christensen says. “Ofcourse, it also helped that Allmark is so highly regarded for itsmanagement and ownership style.” Working with Fannie Mae,Capital One Multifamily secured a 70% LTV and an interest rateunder 4%.

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Allmark has owned Vineyard Village since 1996and invested in its upkeep. Thanks to the property's curbappeal, Allmark had been able to maintain occupancy at between 97%and 99% during the last year with minimal concessions. Builtin 1987, Vineyard Village includes 17 two-story apartmentbuildings and a clubhouse with fitness center. Additionalamenities include BBQ/picnic area, lighted tennis court, pool, spa,and sundeck. Parking is available for 307 cars, including 164carports.

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“What impressed us when we completed our first transaction withthe team several years ago was their investment in learning moreabout our priorities and our approach to investment,” says SteveStrebel. “I feel that they are on our wavelength—and that makes areal difference.”

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The loan has a fixed rate with a seven-yearterm, 6.5 years of yield maintenance, and 30 years ofamortization, payable on an actual/360 basis.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.