Mike Lowry arranges $8,968,000 construction loan for Turner Road Business Center at Stonebridge in Richmond, Virginia

RICHMOND, VIRGINIA (October 30, 2019) – Mike Lowry secured the $8,968,000 construction loan for Turner Road Business Center. The property is located at 219 Turner Road in Richmond, Virginia.

Financing Details:
- 2-year construction (5-year permanent) term with 2-years interest-only payments followed by a 25-year amortization schedule.
- NorthMarq arranged financing for the borrower through its relationship with a regional bank. 

Property Details:
- The four building industrial property contains a combined 81,000 sq. ft. 
- Property features include: Unit sizes ranging from 2,250 - 22,500 sq. ft., drive-in doors, 204 parking spaces.
- The property is located in Enterprise & Opportunity Zones and the Eastern Midlothian Service District (4.89 acres zoned C-4 in Chesterfield County).

Producer Quote:
“We were pleased to assist our client in obtaining construction financing for a fully speculative development of four office/warehouse/flex buildings close to Midlothian Turnpike, and near the Stonebridge redevelopment of Cloverleaf Mall at Chippenham Parkway. The current Midlothian Corridor industrial/flex market has promising potential for rent growth, with little product under construction.”

- Mike Lowry