Northmarq arranges acquisition financing of $27,000,00 for Lakewood Plaza Apartments in Norfolk, Virginia

Lakewood Plaza Apts
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CHICAGO, ILLINOIS (January 28, 2022) – Reina Abboud, vice president of Northmarq’s Richmond office, Kevin McCarthy, senior vice president, and Sue Blumberg, senior vice president/managing director of Northmarq’s Chicago office, collaborated to arrange acquisition financing of $27,000,000 for Lakewood Plaza apartments. The 200-unit multifamily property is located in Norfolk, Virginia. The transaction was structured with tax-exempt bonds, with an 18-year loan term, and a 40-year amortization. Northmarq arranged the permanent-fixed rate loan for the borrower through Specialty Finance Group, a division of Cedar Rapids Bank and Trust, through their affordable housing financing program.  The property will undergo significant renovations providing affordable housing to the residents.

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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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