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.