Northmarq completes $2.994 million in acquisition financing for 1140 West Grace in Richmond, Virginia
RICHMOND, VIRGINIA (June 24, 2022) – Hunter Wood, vice president of Northmarq’s Richmond debt/equity team, arranged the $2.994 million acquisition financing for 1140 West Grace. The 18-unit/16,000 sq. ft. multifamily property (built in 1926) is located at 1140 West Grace Street, Richmond, Virginia. The permanent-fixed loan was structured on a 7-year term with 1-year interest only followed by a 30-year amortization schedule. Northmarq secured the financing through a regional bank.
1140 West Grace is a Victorian Style property located west of historic Downtown Richmond. Situated in a highly walkable neighborhood, there are two shopping centers within a 10-minute walk of the property: College Station Shopping Center (0.3 miles) and Gate Street Plaza (0.5 miles). Residents benefit from proximity to five parks within 1.9 miles along with education and employment opportunities from the surrounding city.
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
