REBusinessOnline

Capital One Provides $56.7M in Loans to Refinance Two Southern California Multifamily Assets

LOMA LINDA AND RIVERSIDE, CALIF. — Capital One has funded a total of $56.7 million in Fannie Mae fixed-rate loans for the refinancing of two age-restricted apartments communities in Southern California. The transactions consist of a $36.7 million loan for Loma Linda Springs, a 444-unit community in Loma Linda, and a $20 million loan for Victoria Springs, a 240-unit property in Riverside. Spruce Grove, the sponsor, was founded in 1964 and has built and managed a diversified commercial real estate portfolio.

Chuck Christensen of Capital One Multifamily Finance’s office in Newport Beach, Calif., originated the interest-only loans, which both have a term of 15 years.

Both communities feature fitness centers and swimming pools. A portion of the residents at the communities have Section 8 vouchers. Additionally, 17 furnished units at Loma Linda Springs are rented on the short-term leases to cancer patients being treated at nearby Proton Therapy Treatment and Research, part of Loma Linda University Medical Center.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.



Related News

Conferences