Tag Archives: Capital One

housing.prices

Capital One provides an $11.9 million Freddie Mac loan

Capital One has announced that it has provided an $11.9 million Freddie Mac fixed-rate loan to refinance Catalina Village, a 376-space, all-age manufactured housing community (MHC) in Phoenix, Arizona. Damon Reed, Senior Vice President and Capital One’s Director of MHC Finance, originated the transaction. The key principal is a repeat customer of both Capital One and Reed. The proceeds of this loan allowed the borrower to retire existing higher-rate debt and free up equity to purchase additional properties.

“Time was an issue in this transaction,” said Reed, noting the borrower’s concern that interest rates would rise substantially before his loan matured.  Reed helped the borrower define his options, who decided to retire his existing debt early and incur a prepayment penalty.   “We were able to lock the rate early before treasuries increased dramatically,” Reed says.  “The interest rate on the new loan was approximately 200 basis points lower than the rate on the loan that was paid off.”

The borrower has owned Catalina Village for two decades, and has maintained high occupancy levels by regularly investing in capital improvements, adding a new pool and gated entranceway, upgrading the landscaping and the clubhouse, and adding a new stone security guard building and two stone walls at the property entrance. The property is close to Interstates 10 and 17 as well as downtown Phoenix, further adding to its attractiveness.

The 30-year fixed-rate loan has 10 years of interest-only payments, seven years of yield maintenance, and payable on an actual/360 basis.

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. Additional information can be found at www.capitalonemultifamily.com. Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.

veterans

Department of Defense honors APS

Employer Support of the Guard and Reserve (ESGR), a Department of Defense office, announced today that Arizona Public Service (APS) of Phoenix, Arizona, is one of 15 recipients of the 2014 Secretary of Defense Employer Support Freedom Award. The Freedom Award is the Department’s highest recognition given to employers for exceptional support of Guard and Reserve employees. This year’s recipients were selected from 2,864 nominations received from Guardsmen and Reservists for going far beyond what the federal law requires to support their military employees.

“I’m honored to announce the recipients of the 2014 Secretary of Defense Employer Support Freedom Award,” said Defense Secretary Chuck Hagel. “Guardsmen and Reservists across the nation rely on strong bonds with their civilian employers. By recognizing these 15 exceptional employers, the Department of Defense celebrates the contributions made by American employers to our Citizen Warriors. I commend these extraordinary employers for their unwavering commitment to service members and their families.”

APS was nominated by Army Reserve Staff Sgt. Michael Rich from the 13th Battalion, Army Reserve Careers Division/Adjutant General. He highlighted the company’s “Troops to Energy Jobs” initiative, which accelerates the hiring of Guardsmen and Reservists and provides support to those employees and their families. APS has created an employee-led group, VETRN (Veteran Engagement Transition Retention Network), that promotes corporate support and recognition for members of the Guard and Reserve. In addition to sponsoring military and veteran organizations, the company also maintains contact with deployed service members, sending care packages overseas and offering assistance to families at home.

The 2014 Freedom Award recipients below will be honored at a ceremony in the Pentagon Sept. 26:

Arizona Public Service
Phoenix, Arizona

AT&T
Dallas, Texas

Capital One
McLean, Virginia

CH2M-WG Idaho
Idaho Falls, Idaho

General Mills, Inc.
Golden Valley, Minnesota

J.G. Management Systems, Inc.
Grand Junction, Colorado

Los Angeles Fire Department
Los Angeles, California

N.H. Department of Environmental Services
Concord, New Hampshire

PNC Bank
Pittsburgh, Pennsylvania

Shofner Vision Center
Nashville, Tennessee

St. Jude Children’s Research Hospital
Memphis, Tennessee

Triumph Pharmaceuticals Inc.
St. Louis, Missouri

UNC Health Care
Chapel Hill, North Carolina

Washoe County School District
Reno, Nevada

Zions Bank
Salt Lake City, Utah