Northmarq arranges acquisition financing of $6,731,000 for Mill Creek Apartments in Petersburg, Virginia
RICHMOND, VIRGINIA (September 6, 2022) – Hunter Wood, vice president, Keith Wells, senior vice president/managing director, and Reina Abboud, vice president of Northmarq’s Richmond debt/equity team, secured $6,731,000 in acquisition financing for Mill Creek Apartments. The 95-unit/2-story multifamily property (built in 1976) is located at 2701-2732 Park Avenue, Petersburg, Virginia. The permanent-fixed loan was structured with a 5-year with 12 months interest only term followed by a 30-year amortization schedule. Northmarq secured the financing for the borrower through a regional bank.
Mill Creek Apartments is located in historic Petersburg, offering residents many spots to drink craft coffee, enjoy nature, and shop local. The property is within a 10-minute walk of two shopping centers: South Crater Road Plaza (0.3 miles) and Burgess Shopping Center (0.4 miles). There are five parks situated within only 12.2 miles of the property.
Property features include: High-speed internet access, laundry service, vinyl and carpet flooring, surface parking space, and trash removal.
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