Northmarq secures sale and financing of Ascent Uptown in Charlotte, North Carolina
CHARLOTTE, NORTH CAROLINA (January 17, 2023) – Northmarq’s Carolinas multifamily investment sales team of Allan Lynch, Andrea Howard, Caylor Mark, John Currin, and Jeff Glenn collaborated to arrange the sale of Ascent Uptown. The 300-unit, 33-story multifamily property (built in 2017) is located at 225 S Poplar Street in Charlotte, North Carolina. Northmarq’s investment sales team represented the seller, Greystar, in the sale.
“Greystar and Sterling Equities each have a history of delivering best-in-class real estate, and this shared background made for a natural relationship and transaction,” said Mark. “Ascent Uptown’s position as an iconic asset in the heart of Charlotte represented the ideal entry into the Carolinas for Sterling Equities, and we expect them to be a great steward to this tremendous property.”
The Northmarq debt/equity team of Faron Thompson, David Vinson, Grant Harris, and Jeff Erxleben worked together to secure acquisition financing for the property. Northmarq arranged the permanent-fixed loan for the borrower through its in-house Fannie Mae team.
“Northmarq was pleased to partner with Sterling Equities to arrange acquisition financing for this trophy asset,” said Vinson. “The opportunity generated significant interest from a deep roster of institutional debt capital sources. The achievement of hitting an accelerated year-end closing timeline at competitive terms amidst choppiness in the broader market was a validation of the quality of the asset and Sterling’s reputation as an operator.”
Ascent Uptown is situated in the heart of Charlotte’s CBD with premium Romare Bearden Park and Truist Field views. With a 90 WalkScore, Ascent Uptown enjoys an irreplaceable urban location at the doorstep of nearly 28 million sq.ft. of existing or under construction office space, four professional sports teams, two grocery stores, and abundant cultural amenities. The luxury unit interiors include French-door refrigerators, backless electric ranges, quartz countertops, baths with frameless glass showers, solar shades, walk-in-closets with wood cabinetry, USB outlets, framed-glass balconies, floor-to-ceiling windows, and more. Residents enjoy an outsized amenity package, including heated, saltwater rooftop pool; sky lounge featuring catering kitchen and event space; penthouse lounge with bar; private massage room; rooftop fitness center; pet spa with grooming salon; and more.
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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.
