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Northmarq Secures $21M Fannie Mae Refi for Winston-Salem Multifamily
Northmarq has provided a $20.8-million fixed-rate Fannie Mae financing for The Residences at Diamond Ridge, a 335-unit multifamily community located in Winston-Salem, NC. The Residences at Diamond Ridge is a 99.3% mission-based property.
Mark Jeffries and Jeffrey Ketron with capital markets resource Northmarq, along with the firm’s Fannie Mae DUS team, structured a five-year term with three years interest-only.
“This was a refinance out of floating-rate debt, with a cash-out component on a property with vastly improved NOI over the past few years,” said Jeffries.
The Residences at Diamond Ridge includes 14 three-story buildings built in 1959 and 1969 and renovated in 1987. Residents are just minutes from Downtown Winston-Salem, parks, universities and schools, local shops and restaurants. The pet-friendly property offers one-, two-, and three-bedroom apartment homes with on-site management and maintenance as well as a bark park and playground.
- ◦Financing
