Woodlark Refinances NC State-Area Property

Raleigh, N.C. Two loans for Wolf Creek have been aligned in anticipation of selling.

Raleigh, N.C. —  Woodlark has completed the refinancing of the expiring Regions Bank construction loan for Wolf Creek Phase II. Woodlark provides property management and financing assistance to Wolf Creek Phase I and Wolf Creek Phase II. The refinancing secured a permanent loan of $19.7 million at a fixed interest rate of 5.05 percent and synchronized the maturity dates for the loans on both the Wolf Creek development phases. This new structure is intended to increase the likelihood that the ownership group will receive an offer at fair-market prices due to the buyer’s ability to purchase both properties.

Wolf Creek II, which is managed by Woodlark’s property management division, is 95 percent pre-leased for the school year.

Headquartered in White Plains, N.Y., The Woodlark Companies is a privately owned real estate investment company specializing in the acquisition, financing and ownership of institutional income-producing, multi-family housing for its own account and the account of its investors.

Tagged under