TAMPA, FLORIDA (April 20, 2020) – Melissa Marcolini-Quinn, managing director of NorthMarq’s Orlando office, and Lee Weaver, managing director of NorthMarq’s Tampa office, collaborated to arrange $25.3 million in acquisition financing for Retreat at the Park for Carter Exchange (a Carter Funds company). The 249-unit, three-story conventional multifamily property, built in two phases during 2015 and 2017, is located at 122 Retreat Lane in Burlington, North Carolina.
“In this time of market volatility and unprecedented challenges, closing this transaction was definitely one for the books. Getting this loan funded was only possible with the hard work and excellent relationships built between the teams involved at NorthMarq and our long-time client, Carter Funds. Despite the interruptions and ‘hiccups’ caused by the COVID-19 virus, this loan closed on time,” said Marcolini Quinn.
The transaction was structured with a 10-year term with 5-years of interest-only followed by a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its in-house Fannie Mae DUS platform.
Located in North Carolina’s Piedmont Triad, the property benefits from close proximity to Alamance Crossing, Davison Park and Elon University. Located within an award-winning school district, it includes a strong amenity package: 24/7 emergency maintenance, designer-lighting packages, energy efficient appliances, modern chef-inspired kitchens, private patio/balcony, 9-foot ceilings, walk-in closets, modern cabinetry, washer/dryer connections and a pet-friendly policy (and pet care). Property amenities include: conference room with Starbucks coffee bar, large resort-inspired saltwater pool, surface lot parking, fitness center, game lounge, resident signature service program, outdoor entertainment fireplace and a clubhouse.