Capital One Financial Corp. has provided $35.7 million in loans to Positive Investments Inc. to refinance 17 apartment properties in Southern California.
The apartments are located in Covina, El Monte, Lynwood, Pacoima, Torrance, and Whittier, as well as in San Diego, Riverside and Orange counties.
The properties range in size from five to 54 units.
Arcadia-based Positive Investments invests in multifamily, office and hotel assets.
Capital One Vice President Andrew Kwok worked on the Freddie Mac loan.
“Times like these underscore the value of a longstanding relationship with an experienced borrower,” Kwok said in a statement. “Our working relationship with Positive Investments gave us a jumpstart as we began underwriting each of these loans.”
The loans all have a fixed-rate and five-year term. They will be amortized over 30 years.
“Capital One’s expertise in financing multifamily projects of all sizes is clearly evident in this transaction,” Srinivas Yalamanchili, a principal at Positive Investments, said in a statement. “After completing a nine-property transaction with Andrew’s team earlier in the year, I had every confidence in their ability to execute on the financing of this 17-property portfolio — and they really came through.”
Capital One has announced a handful of other loans in L.A. in the past few months.
In November, the company gave a $20 million Freddie Mac loan to refinance a 36-unit apartment community in Culver City that wrapped construction in 2019 and had a stabilized tenant base by August. The client was a local developer, and the loan is for 10 years with five years of interest-only payments.
Also in November, Capital One provided $13.3 million in Fannie Mae loans, including a $9.1 million loan for the 42-unit Rodney Apartments in Los Feliz and a $4.2 million loan for the 42-unit Crosscreek Apartments in Van Nuys. Both were 10-year, fixed-rate loans.
Hannah Madans • Contributor
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