NorthMarq Provides $25.3M Acquisition Loan for Multifamily Community in Burlington, North Carolina

by Alex Tostado

BURLINGTON, N.C. — NorthMarq has provided a $25.3 million Fannie Mae acquisition loan for Retreat at the Park, a 249-unit multifamily community in Burlington. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The property was built in two phases from 2015 to 2017 and offers one-, two- and three-bedroom floor plans. Communal amenities include a conference room with Starbucks coffee bar, saltwater pool, fitness center, game lounge, outdoor fireplace and a clubhouse. Melissa Marcolini-Quinn and Lee Weaver of NorthMarq originated the loan on behalf of the borrower, Carter Exchange, a Carter Funds Co. The seller was not disclosed.

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