Capital One Closes Freddie Mac Loans Totaling $31 Million For Chattanooga Apartments

Tuesday, September 10, 2019

Capital One announced on Tuesday that it has provided Freddie Mac loans totaling $31 million for the acquisition of two Chattanooga apartment communities, the 200-unit Evergreen at Hickory Valley and the 238-unit Meridian at Hamilton Place.

The sponsor, Two Waters Capital, has invested $250 million in multifamily communities and currently owns seven properties consisting of 1,942 units in Texas and Georgia. Two Waters is a repeat Capital One and agency customer. Vincent Punzi, a vice president with Capital One Multifamily Finance, originated the transaction.

The 10-year fixed-rate loans have four years of interest-only payments, followed by amortization on a 30-year schedule.

“The transaction was complicated by a fire at Evergreen that damaged 10 units,” said Mr. Punzi. “Despite this, we were able to make allowances for the effects of the fire, which resulted in a lower spread and higher proceeds than anticipated at application.” Two Waters Capital’s decision to participate in Freddie Mac’s Green Advantage program also contributed to better pricing and larger proceeds.

Two Waters Capital has adopted a value-added strategy for these properties. Meridian at Hamilton Place was constructed in phases between 1978 and 1994 and was last renovated in 2012. Evergreen at Hickory Valley was built in 1974 and was also upgraded in 2012. Two Waters plans to focus on unit interiors, exteriors, community amenities, and site landscaping.

“Capital One’s ability to complete the deal despite the fire at Evergreen reflects its expertise as a longstanding multifamily lender and the relationship it has forged with Freddie Mac,” said Scott Williams, managing director of Aline Capital, the broker that arranged the financing. “Its determination to find a solution that would work for us highlights its determination to come through for its customers.”

Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending.


Paula McDaniel Earns Internationally Recognized Designation For Performance In Luxury Real Estate

Nashville Housing Market Sees First Increase In 3 Months

Brandi Pearl Thompson: The REALTOR Code Of Ethics In A Fast Market


Paula McDaniel from Real Estate Partners Chattanooga LLC earned The Institute for Luxury Home Marketing’s Certified Luxury Home Marketing Specialist designation in recognition of experience, ... (click for more)

There were 4,191 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS. This figure is up 0.5 percent from the 4,172 closings reported for ... (click for more)

You probably already know that working with a Realtor gives buyers, sellers, and investors many advantages they need to succeed in today’s real estate market. But did you know another advantage ... (click for more)



Real Estate

Paula McDaniel Earns Internationally Recognized Designation For Performance In Luxury Real Estate

Paula McDaniel from Real Estate Partners Chattanooga LLC earned The Institute for Luxury Home Marketing’s Certified Luxury Home Marketing Specialist designation in recognition of experience, knowledge and expertise in high-end residential properties. Ms. McDaniel joins an exclusive group of real estate professionals who have completed The Institute’s training and have a proven ... (click for more)

Nashville Housing Market Sees First Increase In 3 Months

There were 4,191 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS. This figure is up 0.5 percent from the 4,172 closings reported for the same period last year. “For the first time in three months, the market shows strong signs of stabilizing,” said Kristy Hairston, Greater Nashville Realtors president. “A 0.5 percent ... (click for more)

Breaking News

Protest Leader Takes Down Sheriff's Flag In Front Of Jail, Burns It At Miller Park

A protest leader acknowledged in an Internet post that she took down the Sheriff's Department flag from in front of the County Jail and burned it at Miller Park. Marie Mott said she did so because "I got tired of seeing it flying knowing there are black, brown and poor white people in that jail while white people are allowed not to wear a mask when we have a virus that kills ... (click for more)

5 CARTA Drivers, Incline Operator Come Down With Coronavirus

CARTA officials said five of its bus drivers as well as an operator on the Incline have come down with coronavirus. The six are quarantining at home. CARTA is operating with passengers boarding in the rear and with a limit of 10 passengers per bus. Fares are waived for the time being. Bus drivers are required to wear masks when they are near passengers. Passengers are required ... (click for more)

Opinion

Mandates Are A Bluff - And Response (12)

Via something called an "Executive Order," the facemask mandate will go into effect in Hamilton County on Friday until Sept. 8. This is an illegal executive order and carries no legal weight. Those issuing it know this, which is why Jim Coppinger was too cowardly to issue it himself, but passed off the dirty deed to Dr. Paul Hendricks, who is not even a duly elected representative ... (click for more)

Roy Exum: Made In His Image

Max Lucado, Pastor Emeritus of Oak Hills Church in San Antonio, Texas, has been my favorite Christian author for many, many years. Fifteen years ago, he was named as The Best Pastor in the United States and his incredible gift is best found in the comforting words that he has used in almost 100 books. The experts tell us that today there are more than 135 million copies of Lucado’s ... (click for more)