Northmarq’s Richmond office secures $65 million in financing for Virginia’s first mass timber building – the largest on the East Coast

RICHMOND, VIRGINIA (November 9, 2022) – Northmarq’s Richmond debt/equity team, consisting of Keith Wells, Mike Lowry, Reina Abboud, and Hunter Wood collaborated to arrange the $65 million refinance of Apex Plaza. Northmarq negotiated financing for the borrower through its relationship with a regional bank.

The state-of-the-art 265,000 sq. ft. mixed-use cross-laminated timber (CLT) property 151,000 sq. ft. of office space, 102,000 sq. ft. podium concrete parking structure with EV charging stations, and 6,800 sq. ft. of retail space and is located at 100 Garrett Street in Charlottesville, Virginia. 

The project, designed by world-renowned architect William McDonough, represents the first large-scale mass timber project in the Commonwealth of Virginia, the largest on the East Coast, and one of only a handful in the United States. The building features retail and office spaces adjacent to the Downtown Mall.

The facility boasts 875 roof-and canopy-mounted solar panels, and the structure’s green roof creates habitat to promote biodiversity and storm water retention. The solar panels are designed to produce as much electricity as lead tenant, Apex Clean Energy, consumes in a given year, leaving the company with net-zero electricity use.