NorthMarq completes $7.75 million refinance of Main2323 in Richmond, Virginia

Main2323
Debt & Equity
Multi-Tenant
Multifamily
Permanent Loan - Fixed
Freddie Mac
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RICHMOND, VIRGINIA (July 15, 2021) – Mike Lowry, senior vice president of NorthMarq’s Richmond office, arranged the $7.75 million refinance of Main2323. The 71-unit multifamily property is in Richmond, Virginia. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq secured the permanent-fixed loan for the borrower through its Optigo status as a Freddie Mac lender. 

“Freddie Mac provided a $7.75 million fixed rate loan which provided the borrowers a cash-out refinance of Main2323, a 71 unit, mixed-use, apartment complex located in the historic Shockoe Bottom in downtown Richmond, Virginia,” explained Lowry. “Renovated in 2016 using historic tax credits, this two-building property was originally built in 1917 and the units were 98 percent leased at closing."

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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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