ARDEN, NC – Capstone Capital announces the recent cash-out refinancing of Park South Apartments in Arden, NC. The apartment community was built in two phases throughout 1998 and 2000 for a total of 74 units.
The properties have maintained 90-95% occupancy the entire time he has owned and managed them which is a testament to his strong and knowledgeable real estate background. He had specific requirements for the financing of Park South and there was a loan balance of $3,285,604. The borrower had grown especially accustomed to Fannie Mae and had only used Fannie Mae financing for his assets in the past.
With the guidance of Capstone Capital shopping several lending options, the borrower chose the Freddie Mac Small Balance Loan Program due to the superior terms. The Freddie Mac Small Balance Loan Program allotted him $5,000,000 in loan dollars which, after closing, put approximately $1,309,000 in “cash-out” back in his pocket. To ensure he has solid cash flow at Park South, the borrower qualified for an Interest Only period of 36 months, followed by a 30 year amortization for the remaining 7 years of the 10 year term. Additional cash flow of $15,000 annually was achieved by waiving replacement reserves.
“Park South marked the fourth loan we’ve closed for this borrower. We have been pleased to work alongside him to obtain the financing that met his high expectations,” said Jackson Howard, President of Capstone Capital. He represented the borrower throughout the completion of this financing.
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.