NorthMarq Capital’s Richmond office secured $30 million construction financing for Reynolds South Tower in Richmond, Virginia

RICHMOND (July 24, 2017) Mike Lowry, senior vice president of NorthMarq Capital’s Richmond regional office, arranged construction financing of $30,000,000 for Reynolds South Tower, a 10 story, 213-unit multifamily property located at 505 Porter Street in the Manchester area of downtown Richmond. The transaction was structured with a variable interest rate construction term, converting to a fixed rate permanent loan upon completion. NorthMarq arranged financing for the borrower through Union Bank & Trust’s Richmond headquarters. “The team had discussed the transaction over the past year or so with a couple of lenders, but wanted to be sure they were being offered the best terms, so they hired me to professionally package and market the opportunity to a larger pool of lenders to create a competitive environment,” said Lowry.