RANCHO CUCAMONGA, CA—Capital One Multifamily Finance has closed a $17.2 million Fannie Mae fixed loan to refinance Vineyard Village, a 164-unit apartment complex in Rancho Cucamonga.  Chuck Christensen, senior vice president of originations in Capital One Multifamily's Newport Beach office originated the transaction. The borrower was Allmark Properties, a company that has invested in income-producing real estate, primarily in the Inland Empire region of Southern California, since 1971.  This is its fourth deal with Capital One Multifamily and its predecessor, Beech Street Capital.   

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

“This is a case where having a consistent relationship with a lender really made a difference,” Christensen says.  “Of course, it also helped that Allmark is so highly regarded for its management and ownership style.”  Working with Fannie Mae, Capital One Multifamily secured a 70% LTV and an interest rate under 4%. 

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

“What impressed us when we completed our first transaction with the team several years ago was their investment in learning more about our priorities and our approach to investment,” says Steve Strebel. “I feel that they are on our wavelength—and that makes a real difference.”

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