Fannie Mae financing was secured by Northmarq’s Carolinas and Atlanta debt/equity offices
CHARLOTTE, NORTH CAROLINA (November 16, 2022) – Tapestry University City, is a 352-unit multifamily property located on 17 acres at 5340 Periwinkle Hill Avenue in Charlotte, North Carolina. The property contains a mix of studios, 1-bed, 2-bed and 3-bed apartment homes. Northmarq’s Carolinas investment sales platform, consisting of Andrea Howard, John Currin, Allan Lynch, Caylor Mark, and Jeff Glenn, represented the seller.
“Despite the sale of Tapestry University City occurring during a challenging time in the debt capital markets, the differentiated nature of this asset and the velocity of its lease-up generated strong investor interest. Congratulations to our client Arlington Properties and Glenmont Capital Management on the culmination of this development that has elevated the living experience in the University City submarket. Our buyer was tremendous to work with and they are extremely well-positioned in one of Charlotte’s strongest growth corridors,” said Howard.
Currin added “Tapestry is a truly unique community for a high-traffic area of the city, built into a scenic wooded backdrop, that offers residents a quiet, serene setting without sacrificing access to employment and amenities. We are excited for both our client and new ownership.”
The sale was completed during the third quarter, according to Northmarq’s recently released Charlotte Q3 Multifamily Market Report. Local investments continued to be closed, despite the much-publicized rate volatility, with more deals trading in Charlotte this quarter when compared to Q2. Read the full report.
Northmarq’s Faron Thompson, senior vice president/regional managing director – Atlanta, David Vinson, senior vice president – Raleigh, and Grant Harris, vice president – Charlotte, collaborated to arrange acquisition financing for the property. The transaction was structured with an interest only term. Northmarq secured the permanent, fixed-rate loan for the borrower through its in-house Fannie Mae DUS platform.
“Knowing that this acquisition needed to move quickly to meet both the seller’s timing expectations and to streamline the rate lock during this Treasury volatility, we were able to jump on the delegated model through Fannie to keep the whole loan process in-house at Northmarq”, said Jeffrey Ketron, senior vice president, National Multifamily Production at Northmarq. “Because of our offices and Fannie’s long historical relationship with our borrower, who is an important ‘Managed Priority Borrower’ for Fannie, we knew their needs from an underwriting, IO, and process perspective upfront, which really added speed to the deal overall,” added Thompson.
Residents of Tapestry University City are situated within close proximity of three major business parks: University Research Park, Innovation Park, and University Executive Park. There is a total of 11 million sq. ft. of office space in the submarket, with an additional 4 million sq. ft. under development. There are three institutions of higher learning within less than 10 miles, including UNC Charlotte (2.7 miles), as well as three shopping centers within 1.3 miles, the shortest being University Square (0.6 miles).
Unit amenities include: Stainless steel appliance package, quartz countertops, subway tile backsplash, large single undermount kitchen sinks, goose neck kitchen faucet with pull down sprayer, wood designed plank flooring, kitchen pantry, ceiling fans throughout, vanities with double sinks, soaker garden-style bathtubs, stand alone showers, linen closet, built in USB ports, natural views, ceramic tiled bathrooms, patios/balconies, and washer/dryer in-home.
Community amenities include: Train lobby with beverage service and digital rail schedule, direct access to Rocky River Road and Toby Creek Greenway, leash free dog park, pet washing station, detached garages, expansive pool deck with covered porch, modern resident clubroom, cybercafé, fitness center, EV charging stations, yoga/spin studio, car care center, grilling station, lush landscaping, abundant green spaces, outdoor cabanas, and bike racks throughout the community.