Northmarq Organizes $23M Financing for Multifam Duo in Winston-Salem
Northmarq has arranged $23.2 million in acquisition financing for two multifamily properties containing a combined 229 units in Winston-Salem, NC.
Mark Jeffries, VP of Northmarq’s Denver-based regional office, structured a bridge loan on behalf of the borrower through the company’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,” said Jefferies. “The smaller market and age of the assets made this somewhat more challenging as well, but we were able to generate competition nonetheless,” said Jeffries.
The properties, located one mile apart, were renovated in 2020. Villas at the Vineyard (1970 vintage, 134 units) and Townhomes at Little Creek (1966 vintage, 95 units) are 10 minutes from downtown with access to I-40 and a short drive from Hanes Mall along with numerous retail and dining opportunities.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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