NC Apartments Obtain Refi from Freddie Mac

The 88-unit building was constructed in phases from 1966 to 1978 and acquired by the current owner in 2001.
Greenville, N.C.

Greenville, N.C.

Greenville, N.C.—The private ownership of the Carriage House Apartments in Greenville, N.C., has refinanced the property, including a cash-out component. The deal was overseen by Capstone Capital.

The 88-unit apartment building was built in phases from 1966 to 1978 and acquired by the current owner in 2001. Since then, the owner has made a number of capital improvements to the property.

The existing debt on the property was $1.76 million. After shopping the asset with 17 lenders, the borrower chose Freddie Mac. The Freddie Mac Small Balance Loan Program allotted the borrower $2.583 million in loan dollars, which provided them about $600,000 in cash out.

Ashley Helm of Capstone Capital represented the borrower throughout the refinancing. The deal not only offered cash out but two years of interest-only to the borrower, whom she says will “use the proceeds to continue to grow.”

Greenville is a city in east-central North Carolina, with a population of about 90,000. The city is home of East Carolina University, the third-largest university campus in the University of North Carolina system.