NorthMarq Capital’s Atlanta office arranges cash-out construction loan for single family lot and home construction in Asheville, North Carolina
Views at Rose Hill
ATLANTA (May 17, 2016) – Will James, vice president of NorthMarq Capital’s Atlanta-based regional office, arranged a $1.875 million cash-out refinance construction loan for Views at Rose Hill, a single family lot and home construction located at 89 Rose Creek in Asheville, North Carolina. The loan partially cashed-out the sponsor of his investment in the redevelopment of this single family subdivision. In addition to taking a position in the 77 finished lots, the lender is also providing construction capital to build the single family homes. NorthMarq arranged financing for the sponsor, which will likely continue future home construction as existing and to-be-completed home inventory is sold. “The Rose Hill subdivision was originally developed in the last cycle, then failed and finally was foreclosed on by the original lender. The sponsor purchased the REO asset 18 months ago, stabilized the horizontal infrastructure, completed a few vacant homes, started construction of 12 new homes, and selling activity and interest in the new product has surged in recent months,” said James.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.