NorthMarq Capital arranges financing for Virginia projects
NorthMarq Capital’s Richmond regional office has arranged permanent financing for several projects in Virginia.
Mike Lowry, senior vice president of the Richmond office, arranged construction financing of $30 million for Reynolds South Tower, a 10-story, 213-unit multifamily property located in the Manchester area of downtown Richmond. The transaction was structured with a variable interest rate construction term, converting to a fixed rate permanent loan upon completion. NorthMarq arranged financing for the borrower through Union Bank & Trust’s Richmond headquarters.
In another transaction, Keith Wells, senior vice president/managing director of NorthMarq’s Richmond office, arranged permanent financing of $10.9 million for the General Services Administration building in Norfolk, a 53,917-square-foot property. The transaction was structured with a fixed rate, five-year term on a 25-year amortization.
In another transaction, Wells arranged refinancing of $3.7 million for Townside Festival Shopping Center, a 52,000-square-foot neighborhood retail property in Roanoke. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq said it arranged financing for the borrower through its relationship with a correspondent life company.