ATLANTA (May 17, 2016) – Will James, vice president of NorthMarq Capital’s Atlanta-based regional office, arranged a $1.875 million cash-out refinance construction loan for Views at Rose Hill, a single family lot and home construction located at 89 Rose Creek in Asheville, North Carolina. The loan partially cashed-out the sponsor of his investment in the redevelopment of this single family subdivision. In addition to taking a position in the 77 finished lots, the lender is also providing construction capital to build the single family homes. NorthMarq arranged financing for the sponsor, which will likely continue future home construction as existing and to-be-completed home inventory is sold. “The Rose Hill subdivision was originally developed in the last cycle, then failed and finally was foreclosed on by the original lender. The sponsor purchased the REO asset 18 months ago, stabilized the horizontal infrastructure, completed a few vacant homes, started construction of 12 new homes, and selling activity and interest in the new product has surged in recent months,” said James.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
