Capstone Capital Lends a Hand in Greenville
- Sep 25, 2015
Capstone Capital, Inc. recently announced the cash-out refinancing of both phases of a 192-unit Greenville community. Capstone Capital granted a loan worth $10 million to the owner of Trafalgar Square Apartments.
Due to the current competitive rates and an existing debt of $7.7 million, the owner of Trafalgar Square Apartments decided to pursue CMBS financing for this asset.
Located at 2401 County Home Rd. and minutes from East Carolina University and Pitt Community College, Trafalgar Square Apartments offers one- and two-bedroom units with prices starting at $525 for a 660-square-foot one-bedroom apartment and at $675 for a 900-square-foot two-bedroom apartment. Trafalgar Square Apartments amenities include a swimming pool, air conditioning, high speed internet access, and a smoke-free policy.
Jackson Howard, president of Capstone Capital, represented the borrower throughout this transaction. This is the sixth loan financed by Capstone Capital for this owner.
“Our valued client had high expectations for this loan. Out of the sixteen CMBS lenders we have relationships with, one gained comfort with no liquidity requirement and very low expenses per unit,” stated Howard.
Capstone Capital was able to achieve every item the borrower wanted by utilizing aggressive underwriting and a sound appraisal process, including a loan with fixed rate under 4.75% for 10 years with first three years of interest only followed by seven years on 30 year amortization.
Image courtesy of Wainright Property Management, LLC