Capstone Capital Closes $25M Financing in Fayetteville
Capstone Capital announces $25 million financing of Addison Ridge Apartments Phase I.
By Adelina Osan, Associate Editor
Capstone Capital recently announced the financing of the 211-unit apartment community Addison Ridge Apartments Phase I located in the military-populated Fayetteville, N.C. CMBS financing stood to be the best option for the property.
Addison Ridge Apartments Phase I
A $25 million loan for 10 years with a 75 percent loan-to-value ratio and five years of interest-only payments was secured with a leading CMBS lender. The property appraised at $33.3 million or $158,057 per unit.
“We thoroughly enjoyed shopping this beautiful asset amongst our network of CMBS, Fannie and Freddie lenders,” said Jackson Howard, president of Capstone Capital. “We look forward to working with the borrower on Phases II and III of the property.”
Howard represented the borrower throughout this transaction.
Located at 1000 Antietam Creek Dr., the Addison Ridge Apartments community offers one-, two- and three-bedroom apartments for monthly prices ranging from $1005 for 839-square-foot units to $1450 for 1373-square-foot units. The community is conveniently situated between Fort Bragg and Cross Creek Mall, and is close to Hope Mills and Pope Air Force Base.
Addison Ridge Apartments offers a range of amenities such as a fitness center, swimming pool, movie theater, clubhouse, grilling stations, outdoor fireplace and detached garages.
