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.