DURHAM, NC – Capstone Capital is pleased to announce the recent cash-out refinancing of Willowdaile Apartments in Durham, NC. Willowdaile Apartments was built in 1987 and consists of 102 1 bedroom, 2 bedroom and 3 bedroom units.
This property was purchased by the owner in 2004 and has been under his management since acquisition.
The owner had existing debt of $5,817,261 which included $1,200,000 in capital improvements. The owner demonstrated strong and consistent occupancy and cash-flow with this property and decided to utilize Fannie Mae debt for the refinance. Willowdaile closed at $8,250,000 in loan dollars at 75% loan to value for 10 years with a 30 year amortization. This equaled $2,400,000 in cash-out dollars back in the owner’s pocket.
“Capstone Capital has really helped me out! From choosing the right loan all the way to funding it, the teamwork has been impressive. When I told other lenders how much cash out I was getting they would always pause a few moments and stare at me,” stated the owner.
Ashley Helm represented the borrower during the completion of this financing.
About Capstone Capital: Since 2007, we have closed over 115 commercial loans for over $1 billion in loan volume. With offices in Nashville, Tennessee and Fayetteville, North Carolina, we close loans throughout the Southeast. 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.