NorthMarq Capital finalizes $10 million refinance of Old Bridge Apartments in Richmond, Virginia
Old Bridge Apts
MIAMI (August 10, 2015) – Robert Bhat, vice president of NorthMarq Capital’s Miami based regional office arranged the $10 million refinance of Old Bridge Apartments, a 222 unit multifamily property located at 2835 Hilliard Road in Richmond, Virginia. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its relationship with a life insurance company. “This is a 222-unit apartment complex that has a strong historical occupancy and is well managed,” noted Bhat. “Through NorthMarq Capital’s correspondent relationship with a life insurance company, I was able to structure a fully amortizing loan with a fixed rate in the high 3%’s.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
