IPA Capital Markets, a division of Marcus & Millichap(NYSE: MMI) specializing in capital markets services for major private and institutional clients, announced today the $30.5million construction financing of Brooks North Apartments, a ground-up development of a fully amenitized three- and four-story luxury, garden-style apartment community and clubhouse located at 4005 North Church Street in Greensboro, North Carolina, 10 minutes from downtown.
Frank Montalto, managing director in IPA Capital Markets’ Chicago office, secured the financing with a regional lender on behalf of his client, a local development company focused on sustainable development throughout North Carolina.
“Our team has been extremely active in construction and full capital stack originations,” said Montalto. “Given our volume and activity, we’re experts in creating a market around every project to procure market leading structures to effectuate our clients’ business plan.”
With anticipated completion in summer 2025, Phase I of Brooks North Apartments will be comprised of 244 units of the 340 unit phased development. Community amenities include a fitness center, pool, cabana clubhouse and a Bark Park.
Earlier in June, Montal to arranged the $72.5 million refinancing of La Vista City Centre, a growing master-planned multifamily, office and retail development in La Vista, Nebraska. Montalto secured the financing on behalf of City+Ventures and the City of La Vista. The property consists of 392 luxury units, 32,878 square feet of retail space, and 64,883 square feet of office space.
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets
