WILMINGTON, NC - Capstone Capital is thrilled to announce the recent cash-out refinancing of Lofts at Randall in Wilmington, NC on March 31, 2016. This student-housing multifamily asset consists of 54 units and 216 beds and is home to students attending the University of North Carolina at Wilmington.
The owners have a diverse background in commercial real estate development and own many profitable commercial assets in the Southeast. The borrowers had existing construction debt of $7,800,000. Selling the community looked promising for the owners, but they opted to pursue a cash-out refinance option, as the monetary benefits were more substantial.
After shopping the asset with several of Capstone Capital’s trusted lenders, the borrower chose Fannie Mae debt. Fannie Mae delivered a loan amount of $10,500,000, which put approximately $2,500,000 of cash back in the developers’ pockets. The borrower qualified for an Interest Only period of 1 year, followed by a 30 year amortization for the remaining 10 year term.
Jackson Howard, President of Capstone Capital, represented the borrower throughout the completion of this financing.
About Capstone Capital: Since 2007, we have closed over 120 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.