Capstone Structures $9.9M in Joint Venture Equity for Acquisition of Iowa Apartment Community
CEDAR FALLS, IOWA — Capstone Equity & Structured Finance has structured $9.9 million in joint venture equity to facilitate the acquisition and repositioning of Park @ Nine23 in Cedar Falls near Waterloo. Built in phases between 1974 and 1994, the 424-unit apartment community is situated on 21 acres. The asset was roughly 97 percent leased at the time of the loan closing. Bryse Toothaker and Charlie Rimkus of Capstone raised the equity on behalf of the borrower, a partnership between Chicago-based ARTISAN Capital Group and Benedict Realty Group. The buyer plans to make upgrades to the unit interiors and common areas. The undisclosed seller had owned the property for decades. Des Moines-based West Bank provided financing. ARTISAN Management Group will oversee operations.