Northmarq’s Denver office completes $20.82 million refinance of The Residences at Diamond Ridge in Winston-Salem, North Carolina
DENVER, COLORADO (March 13, 2023) — Northmarq’s Mark Jeffries, senior vice president of the Denver debt/equity office, provided fixed-rate Fannie Mae financing for The Residences at Diamond Ridge, a 335-unit multifamily community located in Winston-Salem, North Carolina. Northmarq’s Jeffrey Ketron, senior vice president, along with the Northmarq’s Fannie Mae DUS team assisted in the transaction. The deal was structured with a 5-year term with 3-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. Located in the Ardmore community, residents are just minutes from Downtown Winston-Salem, beautiful 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. The Residences at Diamond Ridge is a 99.3% mission-based property.
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