Mike Lowry arranges $8,968,000 construction loan for Turner Road Business Center at Stonebridge in Richmond, Virginia
RICHMOND, VIRGINIA (October 30, 2019) – Mike Lowry secured the $8,968,000 construction loan for Turner Road Business Center. The property is located at 219 Turner Road in Richmond, Virginia.
Financing Details:
- 2-year construction (5-year permanent) term with 2-years interest-only payments followed by a 25-year amortization schedule.
- NorthMarq arranged financing for the borrower through its relationship with a regional bank.
Property Details:
- The four building industrial property contains a combined 81,000 sq. ft.
- Property features include: Unit sizes ranging from 2,250 - 22,500 sq. ft., drive-in doors, 204 parking spaces.
- The property is located in Enterprise & Opportunity Zones and the Eastern Midlothian Service District (4.89 acres zoned C-4 in Chesterfield County).
Producer Quote:
“We were pleased to assist our client in obtaining construction financing for a fully speculative development of four office/warehouse/flex buildings close to Midlothian Turnpike, and near the Stonebridge redevelopment of Cloverleaf Mall at Chippenham Parkway. The current Midlothian Corridor industrial/flex market has promising potential for rent growth, with little product under construction.”
- Mike Lowry
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
