Updated Oct 29, 2024
SC Development Refinances Fullerton Multifamily Properties With $43M Fannie Mae Loans From Capital One
1261 Deerpark Dr Fullerton, Ca 92831, Usa
$43,000,000
Units
493
Asset Type
MultiFamily
Closing
Aug 2, 2023
About this deal
AI
SC Development has obtained $43 million in Fannie Mae loans from Capital One to refinance two Orange County multifamily properties. The properties are located at 1261 Deerpark Drive and 1401 North Placentia Avenue in Fullerton, and together they offer a total of 493 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $43,000,000
- Address: 1261 Deerpark Drive & 1401 North Placentia Avenue, Fullerton
- Market: Fullerton
- Lender: Capital One
- Lender Representatives: Greg Reed, Kristen Croxton & Tina Quirin
- Landlord: SC Development
- Loan Type: Refinance
- Loan Terms: 10-year fixed-rate loans featuring interest-only payments
The loan obtained by SC Development, facilitated by Capital One, will support affordable and workforce housing initiatives. The 10-year fixed-rate loans, with interest-only payments, provide a suitable refinancing solution for the Orange County multifamily communities.
Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93