Charlotte, N.C.—Capstone Capital has announced the refinancing for Ashely Place Apartments, a 266-unit community in Charlotte, N.C. The loan is for $13.4 million and 10 years at 75 percent loan to value and was secured with a CMBS lender. The borrower was able to lock in five years of interest only.
The most attractive thing to the loan borrower was the ability to cash-out $4.83 million, which was then used to purchase two 200-plus unit properties in South Carolina.
Jackson Howard represented the borrower through the completion of the financing.
“This was the first loan we did with this particular borrower. He had high expectations of us and we worked hard to deliver. We are grateful for the opportunity and look forward to a continued relationship with him,” Howard said.
Capstone Capital has closed over 100 commercial loans for over $900 million in loan volume since 2007.
Image courtesy of Capstone Capital.