Northmarq’s Richmond office secures $38.14 million in construction financing for the development of 176 units of senior housing
RICHMOND, VIRGINIA (February 8, 2023) — Northmarq’s debt and equity team of Keith Wells, Hunter Wood, Reina Abboud, and Mike Lowry secured a $38,137,000 construction loan for the development of Lake Forest at Swift Creek located at 5950 Harbour Lane in Midlothian, Virginia. The 176-unit senior housing is being developed by The Holladay Corporation. Financing was sourced through Sandy Spring Bank, and the development is estimated to be completed in 2024.
The luxury apartment community will consist of one, three to four-story building, situated on 11.7 acres and approximately 18 miles from downtown Richmond. Lake Forest at Swift Creek is designed for active adults ages 55 and older who will enjoy a short walk to Swift Creek Reservoir. Located just off Interstate 360, the property boasts an excellent location with various grocery stores restaurants, and retailers within a five-minute drive.
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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.
