ACORE Lends $63M on Multifamily Property in Wilmington

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Madison Marquette has landed a $62.8 million loan to acquire a multifamily property in Wilmington, N.C., Commercial Observer has learned.

Acore Capital supplied the 60-month first-mortgage loan. Newmark brokered the deal, which closed May 11. 

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Located at 1108 St Andrews Drive, Crosswinds Apartments is a 1989-vintage garden-style multifamily property. The 380-unit property includes a mix of one-bedroom, two-bedroom and three-bedroom apartments.

“The multifamily fundamentals in Wilmington have been strong, and we think the sponsor’s renovation program will position the asset attractively in the market,” said Scott Durco, director at Acore. “We are excited to partner with a strong sponsor like Madison Marquette and look forward to seeing the sponsor execute on the business plan.”

The apartment complex’s amenities include a fitness center, a playground, picnic pavilions, an outdoor and indoor pool, a dog park, a volleyball court, tennis courts and a clubhouse. 

Madison Marquette officials did not immediately respond to a request for comment.

Emily Fu can be reached at efu@commercialobserver.com.