22 in 18 for Capital One
- Jun 15, 2015
By Eliza Theiss, Associate Editor
Capital One has provided further secured loans to Brookfield Strategic Real Estate Partners Fund (Brookfield). Totaling $53.4 million, the most recently secured loans have enabled Brookfield to refinance four apartment communities in the Carolinas.
This financing marks the 22nd loan the fund and its related entities have secured in one large portfolio financing with Capital One in the past 18 months. Capital One has also provided additional one-off debt financings.
The 232-unit Mount Pleasant, S.C. community Paces Watch received a loan of $20.6 million; Waverly Place, a 240-unit community in North Charleston, S.C. received a $12.7 million loan; Bridges at Mallard Creek, a 194-unit Charlotte, N.C. property received a loan of $11.1 million; while the 252-unit Chason Ridge in Fayatteville, N.C. received $9.5 million.
All four properties are owned and managed by Fairfield Residential, which purchased the properties in 2013 from Gingko Residential as part of a larger portfolio transaction valued at $414 million, according to Yardi Matrix data.
Image credits: Yardi Matrix