Self Storage - Debt


NorthMarq refinances $4.6 million self-storage property in Richmond, Virginia

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. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.