BURLINGTON, NC - Capstone Capital announces the recent cash-out refinancing of Oak Pointe Apartments in Burlington, NC on August 31, 2015. The owner had combined existing debt of $6,024,796 on both phases of this 100-unit property and pursued Fannie Mae financing for this asset.
This was the second loan financed by Capstone Capital for this owner this year.
The property appraised at $112,000 per unit, figuring a 6.25% cap rate. Ashley Helm of Capstone Capital and represented the borrower throughout this transaction. Helm states, “We were able to achieve $2,400,000 in cash out in spite of a rising interest rate environment.”
About Capstone Capital: Since 2007, Capstone Capital has closed over 100 commercial loans for over $900 million 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.