Capstone Capital Closes $32.5M Loan for Apartment Community in South Carolina

SUMMERVILLE, S.C. — Capstone Capital has closed the $32.5 million cash-out refinancing of Kilnsea Village Apartments, a 313-unit multifamily property located at 5300 Patron Place in Summerville, roughly 26 miles west of Charleston. The unnamed borrower, a Southeast-based developer, refinanced an existing $20 million loan and withdrew approximately $12.5 million from the new financing. Jackson Howard of Capstone Capital arranged the Fannie Mae loan at a fixed interest rate of 4.45 percent. The loan features three years of interest-only payments followed by a 30-year amortization schedule.