NC Apartments Obtain Refi from Freddie Mac
- Apr 20, 2016
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.