Newmark announces the $35 million Freddie Mac refinancing of Comet Westgate Apartments, a newly completed, 304-unit, Class A, garden-style community located in one of North Carolina’s fastest-growing markets. The financing effort was led by Newmark’s Multifamily Capital Markets Managing Directors Chris Caison and Josh Davis of the firm’s Charlotte office.
“The property’s rapid lease-up showcases the strength of the area’s multifamily market and the rising need for quality housing in this fast-growing region of the state,” said Davis. “This was a great team effort between Newmark’s Multifamily Capital Markets group, Freddie Mac and our client.”
This latest transaction adds to the more than $200M in financing closed by the Newmark Charlotte office in just the first quarter of 2020.
Built in 2019, Comet Westgate offers one- and two-bedroom floor plans. Apartments include elevator access, stainless steel kitchen appliances, high-end finishes, upgraded flooring and large walk-in closets. The community features a clubhouse with a 24-hour fitness studio with a yoga room, a resort-style pool with sundeck, fire pits and pickleball courts. Uniquely, 30 units are reserved for the Hometown Heroes Program, which offers teachers, military, firefighters, police officers or nurses a 10 percent rental discount.
The property is located just minutes from historic Downtown Wilmington and provides easy access to dining, shopping, and entertainment, as well as the area’s top beaches. Leland has become a desirable and growing place to live within the region, known for its newly found energy, small-town charm and modern living options that embrace its natural surroundings.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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