Northmarq Provides $21M for North Carolina Community
The Fannie Mae loan has a five-year term with three years of interest-only payments.
The Residences at Diamond Ridge. Image courtesy of Northmarq
Northmarq has provided a $20.8 million refinancing loan for The Residences at Diamond Ridge, a 335-unit multifamily community in Winston-Salem, N.C. The fixed-rate, Fannie Mae note has a five-year term with three years of interest-only payments.
According to Yardi Matrix data, the owner of the community is DeRosa Group, which purchased Diamond Ridge back in 2020 for $18.5 million from EBEX Holdings. The same year, the property became subject to a $12.9 million CMBS loan originated by Northmarq Capital.
The community came online between 1959 and 1969 at 730 Anson St., having numerous retail, dining and entertainments venues nearby. Washington Park, Hannes Mall, Winston-Salem State University and Novant Health Forsyth Medical Center are within a 3-mile radius.
Renovated in 1987, The Residences at Diamond encompasses 14 buildings with one-, two- and three-bedroom floorplans ranging between 642 and 1,600 square feet, Yardi Matrix shows. The community has a swimming pool, playground and dog park.
Northmarq Senior Vice President Mark Jeffries secured the financing. Senior Vice President Jeffrey Ketron, together with Northmarq’s Fannie Mae DUS team, assisted in the deal. Another Northmarq team has recently arranged a $62.1 million construction loan for a 328-unit multifamily development in Huntsville, Ala.
