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.
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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.
