RICHMOND, VIRGINIA (August 12, 2019) – Mike Lowry and Reina Abboud of NorthMarq’s Richmond-based regional office, secured the $34.15 million refinance of River’s Edge at Manchester.
The 212-unit multifamily property is located at 505 Porter Street in Richmond, Virginia.
– 10-year term with 5-years interest-only followed by a 30-year amortization schedule
– Permanent fixed rate loan
– NorthMarq arranged financing for the borrower through its in-house Fannie Mae team
“We are pleased to have assisted our clients in securing long-term, fixed rate financing using Fannie Mae’s pre-stabilization program.”
– Mike Lowry
– River’s Edge is an eight story, podium apartment complex situated on a 201 space, two-story garage, and was completed in July – September of 2018.
– This property represents the top of the Richmond multifamily market as confirmed with 95%+ leasing being achieved by April 2019.
– Apartment amenities: Dishwasher, disposal, granite countertops, stainless steel appliances, microwave, range, refrigerator, hardwood floors, walk-in closets, window coverings, high speed internet access, washer/dryer, air conditioning, ceiling fans and cable ready.
– Community amenities: Fitness center, pool, package service, controlled access, maintenance on-site, 24-hour availability, guest apartment, pet play area, clubhouse, lounge, storage space and pet friendly policy.
– More information here.