Capital Square 1031 Acquires 232-Unit Alexander Pointe Apartments in Orange Park, Florida
March 31, 2017
JACKSONVILLE, FL – Capital Square 1031 announced that the firm recently 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 were originated by Andrew Tapley, managing director, and Alexandra Huffman, assistant vice president, of Walker & Dunlop, one of the largest agency lenders in the United States, and the No. 1 Fannie Mae Green lender in 2016. The group of loans include favorable 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 (DUS®) 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.”
In addition to the Alexander Pointe acquisition, Walker & Dunlop originated the loans Capital Square used to acquire The Canopy Apartments in San Antonio, Crossroads Apartments in Phoenix, and Maple Springs Apartment Homes in Richmond, Virginia.