NorthMarq Capital’s Richmond office secured $30 million construction financing for Reynolds South Tower in Richmond, Virginia
RICHMOND (July 24, 2017) Mike Lowry, senior vice president of NorthMarq Capital’s Richmond regional office, arranged construction financing of $30,000,000 for Reynolds South Tower, a 10 story, 213-unit multifamily property located at 505 Porter Street 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. “The team had discussed the transaction over the past year or so with a couple of lenders, but wanted to be sure they were being offered the best terms, so they hired me to professionally package and market the opportunity to a larger pool of lenders to create a competitive environment,” said Lowry.
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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.
