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