Heritage Park is a 299-unit garden-style apartment complex located at 1818 Metzerott Road in Adelphi. Built in 1968, the property includes seven five-story buildings consisting of two studio, 96 one-bedroom, 139 two-bedroom and 56 three-bedroom units. The owners have completed extensive upgrades in the last three years and are now benefiting from the strong real estate market. The property was refinanced with a 10-year interest-only loan at a 6.72% fixed rate.
The financing for School Lane House Apartments in Philadelphia comes just 15 months after Capri arranged a $15-million acquisition loan for the property. The complex is funded with an 11-year Fannie Mae DUS/MBS loan with 30-year amortization and a fixed rate of 7.17%.
Located at 5450 Wissahickon Ave. in Philadelphia, School Lane House is a 497-unit structure constructed in 1950. The property features indoor parking, a pool club with cabanas, deli, on-site dry cleaner and a beauty salon.
"This transaction enabled the borrower to effectively capture much of the value they created since their acquisition just 15 months ago," says Charlie Frischer of Capri's Arlington, VA office, who originated the School Lane House transaction. "The second mortgage rate was actually less than the first mortgage rate due to the competitiveness of the Fannie Mae second mortgage program as well as the recent reduction in the 10-year treasury. If property conditions continue to improve, the third mortgage may be just another 15 months away."
Capri Capital, headquartered in Chicago, specializes in debt and debt-related investments in real estate on behalf of pension funds and other institutional investors such as Fannie Mae. As a Fannie Mae DUS and FHA full insurance multifamily lender, Capri services a loan portfolio exceeding $3.8 billion. Additionally, Capri offers loans on office, retail and industrial properties. In 2000, the company closed approximately $700 million in new investments.
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