Multifamily - Debt

NorthMarq arranges $34.15 million refinance of River’s Edge at Manchester in Richmond, Virginia

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. 

Financing Details:
– Refinance
– 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

Property Information:
– 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

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 $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.