NorthMarq refinances $4.6 million self-storage property in Richmond, Virginia
AAAA Self Storage
RICHMOND, VIRGINIA (March 16, 2021) – Mike Lowry, senior vice president of NorthMarq’s Richmond office secured the $4,615,000 refinancing of an AAAA Self Storage property. The property has 412 units, and is located on 8530 Richfood Road, Richmond, Virginia. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a national bank.
“We were pleased with lender interest in this financing and the sponsors chose the lender offering the most flexibility at a very low rate,” said Lowry.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
