Dealmaker: Capital One Closes $296M in Freddie Mac, Fannie Mae Loans

Capital One, Bethesda, Md., provided $296 million in Freddie Mac and Fannie Mae loans in Texas and Virginia.

In Dallas, Capital One provided $270 million in Freddie Mac loans for a portfolio of five new apartment communities totaling 1,954 units. Sponsor Lone Star Funds, Dallas, is private equity firm established in 1995.

Seth Wiener and Matthew Amato, both Senior Vice Presidents with Capital One, originated the transaction.

Capital One also provided a $26 million Fannie Mae fixed-rate loan to refinance City Center Townes, a newly completed 66-unit rental townhouse community in Dulles, Va. Senior Vice Presidents Michael Antonelli and Thomas Reynolds originated the transaction.

Lerner Enterprises, Rockville, Md., received a 15-year loan with 10 years of interest-only payments followed by amortization on a 30-year schedule.

“We began speaking with Lerner early in 2020 with the intent of providing a lease-up agency execution as the property completed construction,” said Antonelli. “When the pandemic hit and the agency underwriting changed, we all realized that this would require a different approach.” Capital One was able to underwrite to stabilized operations subject to an in-place rent roll supporting occupancy and collections.

City Center Townes is part of Lerner’s 544-acre master-planned development.