NorthMarq arranges $5 million refinance of Royal Mace Apartments in Norfolk, Virginia

Royal Mace Apts
Debt & Equity
Multi-Tenant
Multifamily
Permanent Loan - Fixed
Life Company
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RICHMOND, VIRGINIA (August 29, 2019) – Mike Lowry and Reina Abboud of NorthMarq’s Richmond-based regional office, negotiated the $5 million refinance of Royal Mace Apartments. 

The 122-unit multifamily property is located at 9621 Chesapeake Boulevard in Norfolk, Virginia. 

Financing Details:
• Refinance 
• 20-year fully-amortizing term
• Permanent fixed rate loan
• NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company

“We are pleased to have assisted our client in financing their apartment complex at a fixed rate for a 20 year, fully amortizing loan with one of our correspondent lenders.”

- Mike Lowry

Property Information:
• The two, seven-story, buildings were originally completed in 1964 in the Ocean View area of Norfolk. 
• The property offers views of the Chesapeake Bay or the Ocean View golf course. 
• All units have covered balconies. 
• Amenities include a fitness room, clubhouse, business center, spa, pool and playground.

View Available Multifamily Listings

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About Northmarq 
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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