SANFORD, NC – Capstone Capital announces the recent cash-out refinancing of Woodland Heights of Sanford Apartments in Sanford, NC. This impressive, local developer owns and manages 1,494 apartments.
Woodland Heights is a 144-unit community comprised of 1 and 2 bedroom floor plans. Tenants have access to a community pool, dog park, playground, and fitness center. At the time of refinance, there was $6,160,000 in existing debt.
The property demonstrated strong and consistent occupancy and cash flow. Knowing this developer needed cash to invest in more developments, Capstone Capital suggested a new loan that maximizes cash-out, while protecting the property’s cash flow. Capstone Capital constructed a loan package on the developer’s behalf and shopped several lenders so he could see all his options. The developer pursued a Fannie Mae loan for the refinance.
Woodland Heights closed at $8,500,000 in loan dollars at 75% loan to value for 10 years along with a 30 year amortization and waiving ongoing replacement reserves to ensure good cash flow over the term. This equated to $2,200,000 in cash-out to reinvest in development.
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