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.