LOUISVILLE, KY – Capstone Capital is excited to announce the recent cash-out refinance of a 362-unit multifamily community in Louisville, KY on September 23, 2016. The owners purchased the property in May 2014 for $5,500,000. At the time of purchase, the property was in rough shape, with approximately 90 units that were completely boarded up. Another 45 units were in need of substantial repairs and occupancy was hovering around 65%. Renovations were substantial and included repairs such as new HVAC units, new flooring and security cameras covering the whole property.
The owners wished to refinance existing debt plus renovations and cash out trapped equity. Because the owners acquired the property below value and made so many significant renovations in a year’s time, finding area comparable properties that supported the new value of this property was challenging. Existing debt was $9,600,000. Capstone Capital shopped the asset amongst several lenders and the borrowers ended up choosing one of their trusted CMBS lenders. This lender closed on the property with a loan amount of $15,000,000 – this put $8,000,000 of cash-out dollars back in the owners’ pockets.
“We were pleased to deliver excellent loan terms and significant cash-out dollars to this repeat client”, said Ashley Helm, Vice President at Capstone Capital. She represented the borrowers throughout the transaction.
About Capstone Capital: Since 2007, we have closed over 130 commercial loans for over $1.3 billion in loan volume. With offices in Nashville, Tennessee, Tampa, Florida and Fayetteville, North Carolina, we close loans throughout the Southeast and Mid Atlantic. 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, visit www.cscap.us.