Capital Square Buys Fannie Mae Financed Multifamily Property in Florida
April 3, 2017
Capital Square 1031, a sponsor of replacement property for Section 1031 exchanges, completed its fourth acquisition in seven months financed with a loan originated by Walker & Dunlop to be assigned to Fannie Mae with the purchase of Alexander Pointe Apartments.
Alexander Pointe Apartments is a Class B, garden-style community with 232 apartment homes located in the Jacksonville, Florida suburb of Orange Park.
Totaling more than $57 million, the four Fannie Mae acquisition loans include fixed interest rates for 10-year loan terms starting at 3.44 percent.
The Alexander Pointe acquisition loan was arranged using Fannie Mae Multifamily’s Green Rewards program, which features a lower interest rate, the potential for additional loan proceeds, and an energy and water audit report designed to help finance property improvements resulting in reduced water or energy consumption.
“Alexander Pointe is our fourth loan with Walker & Dunlop, one of the largest Delegated Underwriting and Servicing lenders for Fannie Mae, and the first one in our growing multifamily portfolio to benefit from the Green Rewards program,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The green program is advantageous to all parties, resulting in a lower interest rate on the loan, reduced water and energy usage at the property, and lower utility costs for our tenants.”
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- On April 3, 2017