Newmark Arranges $48 Million Construction Loan for Luxury Apartment & Townhome Development in Asheville, NC

June 7, 2023 9:00 AM

Newmark announces it has arranged a $48 million construction loan on behalf of URS Capital Partners and Advantis Development for Creekside Ashville. Creekside Ashville is a ground-up luxury apartment and townhome development in the highly sought-after, high-barrier-to-entry market of Asheville, North Carolina. The Newmark deal team was led by Danny Matz, the Southeast Coverage Specialist, Executive Managing Director Nick Scribani, and overseen by Co-Presidents of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly. Wintrust provided the loan.

The highly-amenitized Project will feature 308,000 square feet of 319 garden-style apartments and carriage homes, a resort-style saltwater pool, fitness center, playground, clubhouse, cyber café and pet spa. The property has direct entry to Interstate 26 - the major highway connecting Asheville, Spartanburg, Columbia, and Charleston - allowing residents seamless commutes north towards Western Asheville and I-240 or south to Hendersonville.

Nestled along the Blue Ridge Mountains at the confluence of the French Broad and Swannanoa Rivers, Asheville is considered one of the nation’s most welcoming, vibrant cities and is the largest city in Western North Carolina. The Arden, NC submarket is highly accessible to Downtown Asheville while providing a high quality of living with convenient retail and recreation options. Groceries, shopping centers, outlets and entertainment surround the property. Biltmore Village, located less than 3 miles from the property, is a planned community across from the Biltmore Estate with over 40 shops and ten restaurants, including Lululemon, boutiques, local breweries and cafes. Just 15 miles north rests Downtown’s boutique shops, art galleries, eateries and breweries.

URS Capital Partners is a real estate investment firm focused on acquiring and managing value add multifamily real estate and developing unique projects in strategic markets throughout the East Coast. The firm identifies and acquires multifamily assets with a compelling value add component and can be acquired at an attractive basis relative to competing properties and replacement cost. URS remains extremely disciplined when identifying development opportunities, leveraging long-term local relationships to evaluate fully entitled off-market opportunities. With a strong focus on site selection, market fundamentals, and execution of operations, URS’ can create value for our investors. URS provides its’ investor partners with above-market cash returns, significant upside potential and limited downside.

Advantis Development is the pre-development and development arm of Prospect Real Estate Group, a vertically integrated construction and development company. Advantis focuses on designing and building projects for its investors that enhance tenant experience while minimizing costs and maximizing returns. Advantis projects benefit from Prospect’s unique vertical integration, allowing the platform to build a class A product at a 150 to 200 BPS premium to an un-trended market capitalization rate. Advantis has over a billion dollars of active multifamily projects across the southeastern United States.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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