GRAHAM, NC– Capstone Capital announces the recent cash-out refinancing of Ivey Glen Apartments in Graham, NC on March 24th, 2016. This 120-unit apartment community was built in 1998 and is owned and managed by an experienced “Carolinas” developer.
In addition to seeking cash out for this refinance, the owner also had a looming loan maturity deadline. The existing debt on the asset was $4,700,000.
After shopping the asset with several lenders, the borrower chose Fannie Mae, non-recourse debt. Fannie Mae allotted the borrower $6,000,000 in loan dollars which provided him over $1,000,000 in “cash-out”. Jackson Howard is the President of Capstone Capital and represented the borrower throughout the completion of this financing. Ivey Glen marks the 7th loan closed for this valued client.
About Capstone Capital: Since 2007, we have closed over 130 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.