Northmarq’s Richmond, VA Debt + Equity team arranges four-loan portfolio totaling $158 million

RICHMOND, Va. (March 28, 2024) — Northmarq’s Richmond-based Debt + Equity team of Mike Lowry, Keith Wells, Win Martin and Jason Kaplan secured approximately $158 million in financing for a total of four loans. The refinance included 76 office, retail and industrial properties in Richmond, VA.

Northmarq arranged financing on behalf of the borrower, The Wilton Companies, through relationships with one life insurance company and three banks. The transaction was a refinance of CMBS loans. The defeasance of the CMBS loans were expertly managed by the Northmarq Defeasance Team.

“The borrower/sponsor engaged us to refinance their portfolio, consisting of $130 million CMBS loans coming due in 2024. Because of the number of properties, the size of the refinance, the sponsor’s preference for portfolio lenders and the opportunity for a significant cash-out, Northmarq presented the portfolio to over 30 correspondent life company lenders and 20 banks,” said Lowry.

“The lender responses led us to divide the portfolio into four pools of loans. As the CMBS loan required all loans to close on the same day, we held weekly meetings starting four months prior to closing to allow each lender to prepare. The complexity of this entire transaction was a testament to the professionalism of the borrower, the lenders, their counsels and Northmarq,” said Wells.

The life insurance company financed the approximately $88 million loan on a 10-year term. Three commercial banks provided approximately $28 million, $18 million and $24 million loans with various maturities and amortizations.

The 76-property portfolio includes over 1.93 million square feet: +964,000 sq. ft. of retail in community, neighborhood and retail shopping centers and freestanding buildings, +782,000 sq. ft. of warehouse and flex buildings and +188,000 sq. ft. of suburban office space.

Learn more about Northmarq’s financing services here.

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