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Our Charlotte office offers a complete range of financing options for all types of commercial real estate. We can arrange commercial real estate loans for any property type through our unmatched network of lending partners. Call our local office to learn more.
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Charlotte Q2 Multifamily Market Report: Momentum Builds Heading into the Second Half


Charlotte Multifamily market report snapshot for Q2 2021
  • An active leasing environment improved property performance in the Charlotte multifamily market during the first half of this year. Vacancies have tightened, and rents are on the rise. Demand is forecast to remain elevated as the local labor market continues to add workers.
  • Vacancy in local multifamily properties fell 40 basis points during the second quarter, reaching 4 percent. The rate is down 130 basis points year over year.
  • Driven by an accelerating pace of absorption, asking rents spiked 7 percent in the second quarter, reaching $1,385 per month. In the past year, rents have advanced 12.1 percent.
  • New apartment properties are coming online, but the pace of supply growth is not keeping up with absorption. Deliveries totaled more than 3,700 units in the first half compared to more than 5,700 units of absorption.
  • Sales of apartment properties picked up in the second quarter, with velocity spiking more than 40 percent. The median price in sales year to date reached $155,400 per unit, while cap rates have averaged 3.8 percent.

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Nancy Ferrell, Andrea Howard recognized as part of Real Estate Forum’s Women of Influence

Real Estate Forum has announced the 2021 recipients of its annual Women of Influence recognition, and Nancy Ferrell and Andrea Howard have been selected for the prestigious list. The organization plans to honor the chosen 2021 Women of Influence at their third annual GlobeSt. Women of Influence Awards Dinner, which will be held in Park City, Utah in July 2021. In addition, the Women of Influence will be profiled in GlobeSt. Real Estate Forum’s July/August issue, and will gain recognition on GlobeSt.com.

Nancy, regional managing director/managing director – debt & equity in
Baltimore, was promoted early in 2021 to NorthMarq’s Executive Committee. In that role, she co-leads the operations of the company’s 38 debt and equity locations, continues to co-management of the Baltimore office, and originates commercial mortgage debt and equity placements on behalf of clients, many of whom she has worked with for more than 30 years. She was also selected for the Women of Influence recognition in 2018, based upon her work in community mentoring and top-tier production volume across all property types.

According to Jeff Erxleben, executive vice president/executive managing director – debt & equity. “Nancy’s influence is particularly noticeable in her approach to collaboration and integrity. “She has an unmatched reputation among fellow teammates and clients for her team-oriented approach to business, and executing for her clients at the highest level – doing business the right way,” he said. “As a new member of the Executive Committee this year, she can speak to the lender side of our business, given her deep, long-term relationships with a large number of capital providers.”

“Nancy is one of the strongest loan producers in our company, with consistent production through her loyal clients make her a role model for anyone in our industry,” said Pat Minea, executive vice president/executive managing director – debt & equity.

In addition to her career-long production achievements, Nancy is also an active volunteer in the Baltimore community. She was a founding member of the NAIOPMD’s Community Service committee and remains an active member of NAIOP, CREW, and ICSC. She is a current trustee for The Bryn Mawr School, chair of the Building & Grounds Committee. Nancy was a long-term board member and past board president for the House of Ruth Maryland, a leading center for women and children of domestic violence, and also served as co-Commissioner for Towsontowne Girls Lacrosse Rec Council programs 2004-2009.

Andrea, who joined NorthMarq in February 2021, leads the Carolina’s Investment Sales team with Allan Lynch and Jeff Glenn. She is known as one of the top multifamily investment sales professionals in the Southeast. Her 10-person team, which is based in Charlotte and Raleigh, has transaction volume of more than $20 billion over the last five years.

“Andrea’s clients love her enthusiasm, professionalism, and innovation in marketing multifamily investment sales properties, most of which are the trophy asset in the submarket,” said Trevor Koskovich, president – Investment Sales at NorthMarq. “We were very excited to welcome Andrea and her team to NorthMarq, since they align with our business model of innovative brokers who fit our culture and can leverage our debt & equity business.”

Andrea’s passion in helping women in the CRE industry stems from her long-standing participation in softball – first as a collegiate player and now as a coach. “I’m passionate about helping lift up women in the real estate business, with a particular focus on mentoring through CREW. I think young women in this business start by building their confidence, which is why I also coach softball. Using sports to help teach young women from a young age that they can do anything they want builds confidence and teaches important life skills needed in business including time management, putting the team first, communication skills, and leadership.”

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Charlotte Q1 Multifamily Market Report: Rents Rise, Vacancy Drops to Start 2021


Charlotte Multifamily market report snapshot for Q1 2021
  • Property fundamentals in the Charlotte multifamily market posted healthy improvement during the first quarter. A modest decline in the pace of new construction allowed vacancies to tighten and rents to surge to start the year. Further improvement is likely as economic growth accelerates in the coming quarters.
  • Vacancy in Charlotte fell 50 basis points in the first quarter, retreating to 8 percent. The rate has inched up 10 basis points year over year.
    Rent growth accelerated to start 2021. Asking rents rose 3.5 percent during the first quarter, reaching $1,293 per month. Rents are up 5.5 percent from one year ago.
  • Multifamily developers have remained active in Charlotte in recent years. The pace of deliveries slowed in the first quarter, but there are still nearly 12,000 units currently under construction.
  • Sales of apartment properties in the first quarter were ahead of the pace established at the beginning of last year. The median price during the first quarter was $148,100 per unit, while cap rates averaged 5.1 percent.

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Nationally ranked Investment Sales team joins NorthMarq to cover the Carolinas

MINNEAPOLIS, MINNESOTA (Feb. 4, 2021) – One of the top nationally ranked multifamily investment sales teams has joined NorthMarq’s Charlotte and Raleigh offices, bringing the company’s investment sales locations to 18. Andrea Howard, Jeff Glenn, John Currin, Allan Lynch, and Caylor Mark, previously with JLL, will market multifamily investment properties primarily in the Carolinas.

“We are incredibly excited to welcome Andrea, Jeff, Allan, John, and Caylor to NorthMarq, as they are well-known and highly regarded in institutional capital markets,” said Trevor Koskovich, president-NorthMarq’s Investment Sales business. “From inception, our business model was to find innovative brokers who fit our culture and could leverage our debt & equity business. We are confident the Carolina team will be an excellent addition to our platform, rounding out our coverage throughout the southern half of the U.S.”

The teammates were previously competitors, but in 2019 came together as one team, creating a market-leading powerhouse with more than $20 billion in combined transaction volume. Their experience encompasses investment sales of class A and B multifamily assets, land sales, and development advisory, where their experience in pre-stabilized space has dominated the Carolinas recently. 

“What’s unique about us is the level of trust we’ve developed so quickly. That trust translates into great teamwork to support our clients. By aligning with NorthMarq’s growth, we can leverage that platform to benefit clients even more,” said Howard, managing director – investment sales, who brings her 20-plus years and more than $5.5 billion of multifamily investment transaction experience to the growing NorthMarq Investment Sales platform. She spent the first half of her career on the acquisition side of the business working for three different institutional investors.

Glenn will be managing director in Raleigh, where he will continue his more than 20-year career advising private, public and institutional investors in the disposition, acquisition and structuring of over $5.5 billion of large scale investment property. Lynch, also managing director, has nearly 20 years of experience and a diverse transaction history totaling more than $15 billion, which includes more than $7 billion in multifamily..

Currin spent over five years at JLL and was previously with two southeast development and acquisitions firms, having nearly $5 billion in transaction volume. Mark has eight years of multifamily investment sales experience with more than $5.4B of multi-housing transactions across the southeast, along with four years working in office and retail leasing. They join NorthMarq as senior vice president-investment sales. In business since 1960, NorthMarq has grown to more than 650 employees through more than 20 acquisitions, nearly $65 billion loan servicing portfolio and access to hundreds of capital sources, including Fannie Mae DUS, Freddie Mac, and FHA/HUD platforms and nearly 100 life company relationships.

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Mark Ebersold featured on Real Estate Investment Finance Radio podcast: A Must Listen to Podcast for every Commercial RE Investor and Finance Broker!

Mark Ebersold, vice president in NorthMarq’s Charlotte-based regional office joined Lane O’Bryan, an expert in real estate financing, on Episode 9 of his podcast, Real Estate Investment Radio.

During the conversation, Mark used his extensive experience and industry outreach to give an overview of the landscape of financing sources, including Life Company, CMBS, agency lenders and non-bank lenders.

O’Bryan and Ebersold begin by discussing ins-and-outs of the often unknown and misunderstood option of Life Insurance loans and why this financing option is so attractive.

Topics covered include:

  • Who qualifies?
  • What assets qualify?
  • What terms are available?
  • How does personal credit play a part?
  • Minimum loan amounts?
  • Extremely competitively priced loans
  • What is CMBS lending and who could potentially be a suitable candidate?
  • How CMBS can offer equity and mezzanine financing to the right borrowers
  • How can Mark benefit investors by assisting in navigating the sources

Listen to the full interview here!

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NorthMarq welcomes Lawrence Larisma, industry veteran specializing in affordable and senior housing

CHARLOTTE, NORTH CAROLINA (March 20, 2019) – NorthMarq announces the addition of Lawrence Larisma to its Charlotte-based regional office. In his new role as senior vice president, Larisma will assist local, regional and national multifamily, seniors housing and commercial real estate clients with financing for the entire capital stack, including debt, mezzanine and equity capital. He will leverage NorthMarq’s established relationships with institutional providers of capital, including Fannie Mae, Freddie Mac, FHA, Life Company, CMBS, REIT, bank and private debt, mezzanine and equity funds to create innovative financing solutions for his clients.

Since 1998, Larisma has originated and underwritten over $1 billion of construction, acquisition and refinance transactions on market-rate multifamily, affordable housing (HUD 202, HUD 236, Section 8, LIHTC), seniors housing (age-restricted, independent living, assisted living, memory care) and skilled nursing properties. His accomplishments include originating one of HUD’s largest multifamily construction loans and underwriting one of HUD’s largest skilled nursing facility refinances to date. He also originated among the first of several HUD 202 property refinances, as well as one of the first HUD 236/Section 8 decoupling transactions with a Fannie Mae DUS affordable loan.

“Lawrence’s leadership and depth of experience will create an immediate impact in our Charlotte office,” said Jeff Erxleben, executive vice president/regional managing director. “His track record of success, supplemented by NorthMarq’s nationwide platform, signals a positive outlook for current and future clients.

Prior to joining NorthMarq, Larisma served as director of originations at Love Funding Corporation, as well as a director at RED Capital Group in Charlotte. He was also founder and CEO of Reiles Capital Group, a capital advisory firm based in New York, as well as a senior originator and senior underwriter at Greystone & Co., a New York based real estate lending, investment and advisory firm. 

”Lawrence is a great fit for our office,” said Bill Matone, senior vice president of NorthMarq’s Charlotte office. “With his extensive experience specializing in debt, mezzanine and equity capital for multifamily, senior housing and beyond, we expect Lawrence to hit the ground running.”

Larisma is a member of the National Multifamily Housing Council (NMHC), Urban Land Institute (ULI), American Seniors Housing Association (ASHA) and the National Investment Center for Seniors Housing and Care (NIC). Larisma graduated with a Bachelor of Business Administration (BBA) degree in International Business and Management from Schiller International University in London, Heidelberg and Paris. He is a certified HUD MAP & LEAN Underwriter for multifamily and seniors housing financing transactions.

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Kevin Jenkins featured in Southeast Real Estate Business

Kevin Jenkins, vice president of NorthMarq Capital’s Charlotte regional office, was interviewed in an article titled “Coming Back Down to Earth,” featured in the September issue of Southeast Real Estate Business. The story investigates multifamily’s trajectory to notch its first annual decrease in sales volume in nearly a decade. Jenkins notes that the dip in volume has more to do with a lack of sellers than the inflexibility of investors.

Read the story here.

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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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