NorthMarq Capital’s Washington, D.C. office negotiates $34 million permanent loan for the Villages at Pecan Grove in Holly Springs, North Carolina
Villages at Pecan Grove
WASHINGTON, D.C. (March 24, 2015) – Kenneth Gentzel, senior vice president/co-managing director and Gary McGlynn, senior vice president/co-managing director of NorthMarq Capital’s Washington, D.C. office finalized the $34 million financing of a permanent loan for The Villages at Pecan Grove, a class “A” 336 unit garden-style multifamily property located at 4000 Penuche Way in Holly Springs, North Carolina. The transaction was structured with long term interest-only financing. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company. “Located southwest of downtown Raleigh, the property is within 30 miles of 14 institutions of higher education including Duke University, University of North Carolina at Chapel Hill and North Carolina State,” said Gentzel.
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