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Dave Stewart discusses state of the market in Charlotte/Raleigh

Dave Stewart joined four other NorthMarq Capital producers to discuss and answer questions regarding tertiary and secondary markets. In his responses he noted that “Multifamily is of course the hot property type in Charlotte as well as growth areas of the southeast. Most news headlines are focused on the class “A”/Dog Wash/Rooftop pool/urban infill structures, but there is a huge market for class “B” and workforce housing in the areas surrounding major metropolitans. It is estimated that over 150 people are moving to the Charlotte MSA per day.” Read Dave’s responses below.

1.  What property type/niche are seeing/hearing about in your market? What conditions make this possible?
Multifamily is of course the hot property type in Charlotte as well as growth areas of the southeast. Most news headlines are focused on the class “A”/Dog Wash/Rooftop pool/urban infill structures but there is a huge market for class “B” and workforce housing in the areas surrounding major metropolitans. It is estimated that over 150 people are moving to the Charlotte MSA per day. Not all can pay $2.00 PSF rents so they live in nice communities in the suburbs and commute. The values for these garden-style complexes has increased at a rapid pace in the past two-to-three years and their owners now have significant capital to deploy.

2. What type of borrowers/lenders are in your market? For example; is it primarily agency or are bank and life companies also part of the mix? Why?
Borrowers in our market are accustomed to bank loans. The personal guarantee is an annoyance but not always a deal killer. Banks have been our primary competition. Life companies seem to provide the sweet spot in terms of decent leverage, non-recourse and ease of execution so many are flocking to this financing type.

3. What are the unique challenges facing your market?
There have been some political decisions that have affected development projects but it doesn’t appear that it has bled into the acquisition side. There is some cause for concern with oversupply of apartments and office; and although the demand may lag for now, the economics will soon catch up.

4. What are the unique opportunities present in your market?
Those familiar with our market and have experience investing here know when and where to pick their spots. It is nice to reward clients that have been investing in this community for a long time with lenders who are actively seeking their deals. The Southeast, in particularly Charlotte, is a hot bed of activity and should continue to be for quite some time.

Read the full story here.

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Local Office Overview

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Download this two-page flyer to learn more about the Charlotte/Raleigh offices.

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NorthMarq Capital Announces Promotions of Todd Crouse and Melissa Marcolini-Quinn

MINNEAPOLIS (Jan. 8, 2014) – NorthMarq Capital today announced the following promotions:

Todd Crouse has been named managing director of the company’s combined Charlotte and Raleigh offices.
Crouse most recently served as senior vice president and senior director of NorthMarq’s Raleigh office.

Crouse joined NorthMarq in 2008 when the company acquired Crouse & Associates, where he served as president/owner and had a direct role in loan originations and property brokerage transactions totaling more than $1 billion.

Before opening Crouse & Associates, he spent eight years as a certified public accountant with Charlotte-based KPMG. As senior manager for KMPG, he focused upon serving customers in the construction and real estate industries.

Crouse will co-manage the combined offices with Bill Matone, who has been managing director of NorthMarq’s Charlotte office since the mid-1990s.

“Todd has proven himself to be an excellent producer and leader of the local office in Raleigh,” said Timothy O’Connor, senior executive vice and regional manager at NorthMarq. “We are very pleased to make this announcement and offer him our congratulations.”

Melissa Marcolini-Quinn has been named managing director of NorthMarq’s combined Orlando and Jacksonville offices.
Quinn most recently served as senior vice president and senior director of NorthMarq’s Orlando office.

Quinn joined NorthMarq in 2004 as an analyst before moving into the role of producer. In her first year as a producer, she delivered $126 million in loan production volume and has continued to post strong numbers.

“Since joining NorthMarq, Melissa has always impressed us as someone who would be successful—and she did not disappoint,” said NorthMarq senior executive vice president/regional manager Timothy O’Connor. During her time in Orlando, Quinn has become well-known in the Central Florida real estate community and currently serves on a number of industry organizations.

Along with Joel Coykendall, Quinn will co-lead the Orlando and Jacksonville offices. “In that role, I know that she will to continue to excel as she has over the last 10 years with the company,” added O’Connor.

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