GREENVILLE, NC– Capstone Capital announces the recent cash-out refinancing of Carriage House Apartments in Greenville, NC on March 31st, 2016. This 88-unit apartment community was built in phases throughout 1966 and 1978 and was purchased by the current owner in 2001.
Since purchase, the owner boasted strong property occupancy and also made several key capital improvements that have attributed to low turnover.
The existing debt on the asset was $1,760,000. After shopping the asset with 17 lenders, the borrower chose Freddie Mac, non-recourse debt. The Freddie Mac Small Balance Loan Program allotted the borrower $2,583,000 in loan dollars which provided him approximately $600,000 in cash out.
Ashley Helm of Capstone Capital represented the borrower throughout the completion of this financing. She states, “We were thrilled to offer both cash out and 2 years of Interest Only to our client. He plans to use the proceeds to continue to grow.”
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.