Capital One Multifamily Finance has provided an $89.25 million agency loan to the company that owns the housing community Windsor Park in Queens, New York City.
The 15-year, fixed rate loan is serviced through Freddie Mac. The financing in part pays off debt that HSBC Bank provided to the WP Owners Corporation in four separate loans between November 2005 and October 2014, city records show.
The financing is backed by five apartment buildings at Windsor Park, in the Bayside neighborhood in Northeast Queens: 73-11 Bell Boulevard, 75-05 210th Street, 213-06 75th Avenue, 73-50 Bell Boulevard, 210-11 75th Avenue.
The housing cooperative consists of a total of 1,830 apartments and was established in 1983. Records also show that the financing must be used to improve multifamily units only, not Windsor Park’s pool, tennis or parking garage facilities.
Capital One has been an active lender on all property types across both gateway and secondary markets in the US this year. The bank provided a $47.7 million loan on the open-air shopping center in Lafayette, Louisiana this June, a $51 million refinancing on a biotech building in Cambridge, Massachusetts in May, and a $150 million financing on an office building in San Francisco this March. The firm held $26.34 billion in multifamily and retail loans for investment as of June 30, 2016, with $339.1 billion in total assets.
Freddie Mac is regulated by the Federal Housing Finance Agency (FHFA), along with Fannie Mae and the 11 Federal Home Loan Banks.