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Capital One-Led Group Provides $5B Loan Warehousing | Tony Seruga
Dec
13

Capital One-Led Group Provides $5B Loan Warehousing

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The Home Properties portfolio runs to 107 apartment communities, including this one in Levittown, NY.

NEW YORK CITY—Capital One said Friday it had served as a co-lender, and as the administrative and collateral agent, on a $5.1-billion adjustable-rate Freddie Mac warehousing facility on behalf of Berkadia Commercial Mortgage. The loan bridges the timing gap between the origination of 107 individual loans needed to fund Lone Star Funds’ acquisition of multifamily REIT Home Properties Inc. and the sale of the loans to Freddie Mac. Capital One provided the debt alongside TD Bank andWells Fargo.

Published reports in late October showed that Berkadia had written the financing, one of the largest multifamily deals ever completed by Freddie, as a series of 107 cross-collateralized and cross-defaulted loans with a seven-year term. Dallas-based Lone Star agreed to acquire Home Properties on behalf of its Lone Star Real Estate Fund IV for $7.6 billion and reportedly had arranged a $6.1-billion financing commitment from Goldman Sachs. In connection with the sale, Rochester, NY-based Home Properties sold six of its properties in the Washington, DC area to Highlands Ranch, CO-based multifamily REIT UDR Inc…

Capital One-Led Group Provides $5B Loan Warehousing

 

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