Dealmaker: Capital One Closes $61M in Freddie Mac Loans
Capital One, Bethesda, Md., provided $61.3 million in Freddie Mac loans for the acquisition of two Colorado Springs, Colo., apartment communities.
Subject properties Highland Park and Quail Cove total 406 units.
Capital One Agency Finance Vice President Andrew Kwok originated these transactions for sponsor Trion Properties, Los Angeles. Continental Partners, Los Angeles, represented Trion on the financing.
The seven-year SOFR-based adjustable-rate loans have two years of interest-only payments and will amortize on a 30-year schedule. This transaction was the third Kwok’s team has completed with Trion and its equity partners in the last 12 months.
“Trion is a proven sponsor and the assets are in one of the fastest-growing multifamily markets in the country,” Kwok said.
Trion Properties is a private equity investment company that targets opportunistic real estate investments needing moderate to heavy rehabilitation. In the case of Highland Park and Quail Cove, Trion and partner PCCP said they anticipate strong rent growth in the market due to the area’s high-quality lifestyle and relatively low cost of living.
Both Highland Park and Quail Cove opened in 1984.