FAYETTEVILLE, NC - Capstone Capital announces the recent financing of Addison Ridge Apartments Phase I. The 211-unit community is located in military-populated Fayetteville, North Carolina so non-recourse, CMBS financing stood to be the best option for this asset.
A $25,000,000 loan for 10 years at 75% loan to value with 5 years of interest only was secured with a leading CMBS lender. The property appraised at $33,350,000 or $158,057/unit.
Jackson Howard represented the borrower through the completion of the financing. Howard states, “We thoroughly enjoyed shopping this beautiful asset amongst our network of CMBS, Fannie and Freddie lenders. We look forward to working with the borrower on Phases II and III of the property”.
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.