GREENVILLE, NC – Capstone Capital is thrilled to announce the recent cash-out refinancing of the second phase of The Heritage at Arlington Apartments in Greenville, NC. This class A apartment community has a total of 96 units and consists of 1, 2 and 3 bedroom unit mixes. This owner has a diverse background in commercial real estate and currently owns and manages approximately 2,000 units of multifamily.
The borrower had full recourse, bank debt on the asset in the amount of $7,600,000 and wanted to move to non-recourse and to lock in an interest rate as early as possible. After shopping The Heritage at Arlington with several of Capstone Capital’s trusted lenders, the borrower chose Fannie Mae debt. Fannie Mae allotted him $10,134,900 in loan dollars which, after closing, put approximately $3,000,000 in “cash-out” back in his pocket.
The borrower qualified for an Interest Only period of 2 years, followed by a 30 year amortization for the remaining 11 year term. “This repeat borrower develops beautiful assets and we feel fortunate to partner with him in assisting to help him achieve his financing goals,” 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.