Multifamily - Debt

NorthMarq arranges $25.3 acquisition financing for multifamily property in Burlington, North Carolina

TAMPA, FLORIDA (April 20, 2020) – NorthMarq’s Orlando and Tampa offices 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. 

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. 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.