Capstone Capital Closes $10.5M Refi Loan for N.C. Student Housing Community
The financier provided a refinancing loan for The Lofts at Randall, a 216-bed student housing community near the University of North Carolina at Wilmington.
By Adelina Osan, Associate Editor
Wilmington, NC—Capstone Capital recently closed a $10.5 million loan for the refinancing of a 216-bed student housing community. The Lofts at Randall serves students attending the University of North Carolina at Wilmington.
Rendering of The Lofts at Randall
Located at 4810 Randall Pkwy, the 54-unit Lofts at Randall community features four-bed floorplans with unit sizes averaging 1,395 square feet. According to Yardi Matrix data, monthly rents are $2,580, or $645 per bed. The community’s amenity package includes a 24-hour fitness center, business center, clubhouse, resort-style swimming pool, pet-friend policy, 24-hour emergency maintenance, TV and media room, as well as 221 parking spaces.
Rendering of The Lofts at Randall
Fannie Mae provided the loan, which put approximately $2.5 million of cash back in the developers’ pockets. The borrower qualified for an interest-only period of one year, followed by a 30-year amortization for the remaining 10-year term.
Jackson Howard, president of Capstone Capital, represented the borrower throughout the completion of this financing.
Renderings courtesy of The Lofts at Randall
