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