Capmark Finance Inc. originated $16 million in 5.96%, fixed-rate, permanent financing for the refinance of Oak Creek Village Apartments, a multifamily property. The 70% LTV loan has a nine-year term with interest-only payments for the duration of the loan. Oak Creek Village Apartments is located on 41 acres at 4230 Garrett Rd. The property comprises 25, two-story buildings, totaling 501 units.
Senior VP and manager Chad Thomas Hagwood of the Capmark Birmingham, Ala., office originated the transaction through Capmark's Freddie Mac program. The borrower was an affiliate of RCP General.