Northmarq arranges acquisition financing of $23.2 million for Villas at the Vineyard & Townhomes at Little Creek

DENVER, COLORADO (March 1, 2022) – Mark Jeffries, vice president of Northmarq’s Denver-based regional office, recently arranged the $23.2 million acquisition financing for Villas at the Vineyard & Townhomes at Little Creek, two multifamily properties containing a combined 229 units located in Winston-Salem, North Carolina. The properties, located one mile apart, were renovated in 2020. Located approximately 10 minutes from downtown with easy access to I-40, the properties are a short drive from Hanes Mall along with numerous retail and dining opportunities within a short distance. The bridge loan was structured for the borrower through Northmarq’s relationship with a bridge/mezzanine lender. 

“We found ourselves in an environment of rising spreads for bridge loans and had to create a fierce competition between a number of lenders to deliver this pricing at 75 percent leverage. The smaller market and age of the assets made this somewhat more challenging as well, but we were able to generate fierce competition,” said Jeffries.

Villas at the Vineyard (1970 vintage, 134 units) is located at 3401 Old Vineyard Road in Winston-Salem, North Carolina. Community amenities include: Pool, fitness center, laundry facilities, package service, laundry facilities, maintenance on site, property manager on site, pet play area, clubhouse, fitness center, sundeck, courtyard, grill and picnic area. Apartment amenities include: High-speed internet access, in-unit washer/dryer, air conditioning, heating, ceiling fans, cable ready, tub/shower and fireplace. 

Townhomes at Little Creek (1966 vintage, 95 units) is located at 4340 Johnsborough Court in Winston-Salem, North Carolina. Community amenities include: Laundry facilities, maintenance on site, property manager on site, pet play area, clubhouse, pool and grill. Apartment amenities include: In-unit washer/dryer, air conditioning, dishwasher, washer/dryer hookup, hardwood floors, refrigerator, tub/shower and disposal.