Arbor Provides Financing for North Carolina Property
The community encompasses 226 units across 29 buildings.
Concordia Properties has secured a $26.9 million Freddie Mac loan backed up by Cloisters & Foxfire, a multifamily community in High Point, N.C., within the Winston-Salem – Greensboro market, according to Yardi Matrix. Arbor Realty Trust provided the loan, with a maturity date set for 2030.
Cloisters & Foxfire is a 226-unit multifamily property that includes 29 buildings at 2609 Suffolk Ave.
Completed in two phases between 1971 and 1973, the asset has been under Concordia Properties ownership and operation since 2022, when it was purchased in a $32.1 million deal from Harvest Properties, Yardi Matrix shows. Back then, Concordia Properties secured a $28.6 million acquisition loan from Capital Funding Group, currently closed, according to Guilford County records.
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Apartments at Cloisters & Foxfire include one- to three-bedroom floorplans with an average unit size of 1,062 square feet, washers and dryers, walk-in closets and private balconies. Common-area amenities feature a swimming pool with a sundeck, a playground area, barbecue and picnic space, a clubhouse, an on-site rental office and 400 parking spots.
Spread across 21 acres, the pet-friendly community is close to High Point Train Station and to Interstate 74, allowing access to the Winston-Salem and Greensboro, N.C. metro area. Piedmont Triad International Airport is 14 miles away, while downtown Winston-Salem is 21 miles northwest.
Arbor Realty Trust is no stranger to financing rental assets in smaller markets. Earlier in 2025, the company provided acquisition financing for a 72-unit build-to-rent property in Crawfordville, Fla., near Tallahassee, Fla.
A closer look at Winston-Salem – Greensboro multifamily
Year-to-date as of September, the Winston-Salem – Greensboro metro saw five multifamily properties of more than 50 units each sold, according to Yardi Matrix data. These transactions generated $218.5 million, with an average sale price unit of $183,613.
The total transaction figure is considerably lower than the 14 properties sold during the same period of last year. In the first three quarters of 2024 the volume reached $224.6 million in the metro, with units sold at an $121,135 sale price per unit.
