Issue link: http://read.dmtmag.com/i/620649
JANUARY 2016 8 THE JOURNAL No. 6 on Get It Quick Page Capital One Multifamily Finance announced today that it has provided an $11 million Fan- nie Mae fixed-rate loan to refinance Old Plan- tation Manufactured Home Community, an all-age, 223-space manufactured home com- munity in Riverside, California, in the state's Inland Empire. Damon Reed, Senior Vice President and Capital One Multifamily's Direc- tor of MHC Finance, originated the transac- tion. The borrower is a repeat client of Capital One and Reed, and is one of Mobile Home University's Top 100 Manufactured Home Community Owners, owning manufactured housing communities in Arizona, California, Connecticut, Illinois, Iowa, Michigan, Ne- vada, Oregon, Texas, and Washington. The proceeds of the loan allowed the borrower to re- tire existing higher-rate debt and take out cash. "The sponsor's loan matured in January 2016, but was open for prepayment without penalty in September," Reed said. "To take ad- vantage of historically low rates, we moved for- ward in late August, processing the loan through Fannie Mae's streamlined early rate lock program. We were able to lock in the rate seven days from loan application and closed in 37 days." Old Plantation is a well-maintained, four- star park, and is subject to City of Riverside rent control regulations. It was designed to accom- modate doublewide homes. Capital One is a leading provider of Agency financing for manufactured housing communi- ties. Capital One Bank's Commercial Real Es- tate Group offers a comprehensive array of financing solutions for property owners and de- velopers nationwide. Additional information can be found at www.capitalonemultifamily. com. Capital One Commercial Banking lever- ages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant serv- ices, investment banking, international serv- ices and correspondent banking. Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $212.9 billion in deposits and $313.7 billion in total assets as of Septem- ber 30, 2015. Headquartered in McLean, Vir- ginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index. Capital One Closes $11 Million Fannie Loan to Refinance California Manufactured Housing Community