Capstone Capital Closes $10.5M Refi Loan for N.C. Student Housing Community
- May 06, 2016
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.
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.
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