GARNER, NC – Capstone Capital is pleased to announce the recent cash-out refinancing of Cleveland Crossing Apartments in Garner, NC. Cleveland Crossing is a 170-unit, garden style, newly built community finished in 2014. The property was built in 1 phase with the last units becoming available for rent in February 2015.
The owners, through sweat equity and cash, contributed $3,300,000 and carried approximately $13,372,000 in debt. After comparing the quotes of various Fannie Mae and Freddie Mac lenders, the owners chose the Fannie Mae terms provided by Capstone Capital’s trusted lender versus the bank-owned Fannie lender due to higher loan proceeds. A loan amount of $17,500,000 was attained at 4.65% for 12 years with a 30 year amortization.
This financing gave the borrowers $4,449,157 in cash-out, putting the original $3,300,000 in their pocket plus another $1,150,000 to deploy in future developments.
“These clients utilized our services for the first time to achieve their first Fannie Mae loan. We enjoyed working with them and look forward to a continued relationship,” said Ashley Helm of Capstone Capital. She represented the borrower throughout the completion of this financing.
About Capstone Capital: Since 2007, Capstone Capital has closed over 115 commercial loans for over $1 billion in loan volume. With offices in Nashville, Tennessee and Fayetteville, North Carolina, Capstone Capital closes loans throughout the Southeast. The Capstone Capital team states, “We put our best resources in competition to secure the best loan for our clients. Then we go the extra mile, because this business is about more than a great mortgage rate. We’re thorough, we’re involved, and we take the pressure off of our clients. Our packages get prompt attention from lenders because they’re detailed and transparent, ensuring a smooth, no-surprises process for all. It’s the reason 80% of our business is repeat customers. Our team prides itself on being involved, thorough and focused on customer service so as to ensure that the process can be as seamless for the borrower as possible. To learn more please visit www.cscap.us.