Multifamily - Debt

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

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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.