NorthMarq’s Richmond office negotiates construction loan of $16 million for student housing property in Blacksburg, Virginia

RICHMOND, VIRGINIA (August 12, 2019) – Mike Lowry of NorthMarq’s Richmond-based regional office, finalized a $16 million construction loan for Park 37 Apartments. 

The 75-unit (215 beds) student housing property is located at 1222 Patrick Henry Drive in Blacksburg, Virginia and is located near the campus of Virginia Tech. 

Financing Details:
- Construction loan
- 3-year term with 3-years interest-only 
- NorthMarq arranged financing for the borrower through its relationship with a regional bank.

“We are pleased to have assisted our Blacksburg, VA based developer client in obtaining a construction loan for their 75 unit, 215 bed student housing development.”

- Mike Lowry

Property Information:
- Groundbreaking for Park 37 was in April 2019 and completion is for July 2020, coinciding with Virginia Tech's 2020-21 school year.
- Park 37 will offer multiple amenities including: clubhouse with lounge, fitness center, pool, fire pit, covered bike storage and a new Blacksburg transit stop at the site. Direct access to one of Blacksburg’s walking/biking trails will also be on-site.