Capital One said it has provided nearly $200 million in loans for four multifamily properties with sponsor Eagle Rock. The properties provide more than 1,300 units for individuals and families across New Jersey and New York, supplying vital housing inventory to these communities.
A Capital One team led by Commercial Real Estate Senior Vice Presidents Todd Phillips and Michael Maidhof supplied the financing, and the deals were arranged by a Meridian Capital Group team led by Senior Managing Director Abe Hirsch and Managing Director Zev Karpel.
“These transactions exemplify how Capital One can provide a suite of financing options for our clients, including on-balance sheet executions and agency financing, in addition to the depository and treasury management services we offer,” Phillips said. “Meridian and Capital One’s longstanding relationship with Eagle Rock — and their designation as a Freddie Mac Select Sponsor — enabled us to effectively align our financing solutions with their strategy.”
Balance sheet transactions included a refinance of Ramblewood Apartments in Mount Laurel and a refinance of Mid-Island in Bayshore, New York. Both are fixed-rate loans with full term interest-only payments.
Agency transactions included a seven-year fixed-rate Freddie Mac loan with full term interest-only payments to refinance Eagle Rock Apartments at Freehold in Freehold. The team also arranged a Freddie Mac supplemental loan for Vista Point Apartments in Wappinger Falls, New York.
“These properties provide vital housing inventory to communities in the Northeast,” Rishi Gupta, partner at Eagle Rock, said. “Capital One and Meridian were able to close these transactions in a challenging and volatile environment, which allows us to continue to invest in the properties and achieve both our property and long-term business goals.”
“Meridian leveraged our strong lender relationships and deep market knowledge to arrange agency financing and secure competitive fixed rates for Eagle Rock,” Hirsch said. “This included locking in competitive below market interest rates for both the Ramblewood and Mid-Island properties.”
