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Raleigh Q2 Multifamily Market Report: Vacancy Tightens, Rents Spike at Midyear

Highlights:

Raleigh-Durham Multifamily market report snapshot for Q2 2021
  • The second quarter was a particularly strong period of multifamily property performance in the Raleigh-Durham area. Area vacancy rates tightened dramatically, and rents surged higher. Investment activity gained momentum. Additional improvement is anticipated in the second half of the year.
  • Vacancy fell 60 basis points during the second quarter, reaching 4.8 percent. Year over year, the rate has improved by 110 basis points.
  • Strong renter demand and tightening vacancy levels resulted in a spike in area rents. Asking rents ended the second quarter at $1,392 per month, 13.3 percent higher than one year earlier. Rents rose 10 percent during the second quarter.
  • Transaction activity doubled from the first quarter to the second quarter, reflecting the current demand in the market. The median price through the first half of the year was approximately $161,300 per unit, and cap rates have compressed to an average of 3.9 percent.

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Raleigh-Durham Q1 Multifamily Market Report: Renter Demand Fueled by Ongoing Business Attractions

Highlights:

Raleigh-Durham Multifamily market report snapshot for Q1 2021
  • Multifamily fundamentals in Raleigh-Durham got off to a strong start at the beginning of the year. As the pace of deliveries slowed, rents spiked and vacancy tightened.
  • Apartment vacancy declined 50 basis points in the first quarter of 2021, falling to 8.5 percent. Additional tightening is expected in the coming quarters.
  • After advancing 1.3 percent in 2020, rents surged in the first quarter. Local asking rents increased 3.1 percent from the fourth quarter reaching $1,263 per month.
  • Following an extremely active year in 2020, sales velocity slowed at the start of 2021. In sales that closed during the first quarter, the median price was $157,600 per unit, while cap rates averaged 4.6 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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Nathan Griffith joins NorthMarq’s Raleigh office as vice president

RALEIGH, NORTH CAROLINA (January 12, 2019) – NorthMarq’s Raleigh-based regional office announced the addition of a new vice president, Nathan Griffith, to its office staff. At NorthMarq, Griffith will focus on the organization, structuring, placement and closing of debt and equity financing with life insurance companies, CMBS lenders, agency lenders, commercial banks and credit unions.

“I am very excited to leverage NorthMarq’s extensive lending platform to the benefit of current and future clients,” said Griffith. “Ranging from hospitality to multifamily, and everything in between, NorthMarq has financing solutions for all property types and asset classes.”

Prior to joining NorthMarq, Nathan spent three years on Concord Hospitality’s business development team where he focused on expanding Concord’s portfolio through acquisition, development, and third-party management. While at Concord, Nathan led the company’s underwriting and market analysis efforts, and was able to directly assist in the expansion of the portfolio by 30+ hotels.

“We’re excited to have Nate on board to help grow our platform here in the Carolinas,” said Todd Crouse, senior vice president/managing director of NorthMarq’s Raleigh-based regional office.

Nathan received his B.S. degree in Finance from Iowa State University in 2014. He is also a licensed real estate broker in North Carolina and a member of Urban Land Institute.

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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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