Multifamily - Debt

NorthMarq secures $34 million construction loan for Hardywood Village in Richmond, Virginia

RICHMOND, VIRGINIA (August 23, 2021) – Keith Wells, managing director and Reina Abboud, vice president of NorthMarq’s Richmond office completed a $34 million construction loan for Hardywood Village. The 189-unit multifamily property with ancillary retail space will be located at 1601 Overbrook Road in Richmond, Virginia. The transaction was structured with a 30-year fully amortizing term. NorthMarq arranged financing for the borrower through its relationship with the Virginia Housing & Development Authority (VHDA) 

“Our team was able to secure financing through VHDA thanks to their competitiveness on leverage,” said Abboud. “No other lender came close to them in terms of the complete financing package provided for this project.” 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.