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.”