NorthMarq arranges $5 million refinance of Royal Mace Apartments in Norfolk, Virginia
RICHMOND, VIRGINIA (August 29, 2019) – Mike Lowry and Reina Abboud of NorthMarq’s Richmond-based regional office, negotiated the $5 million refinance of Royal Mace Apartments.
The 122-unit multifamily property is located at 9621 Chesapeake Boulevard in Norfolk, Virginia.
Financing Details:
• Refinance
• 20-year fully-amortizing term
• Permanent fixed rate loan
• NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company
“We are pleased to have assisted our client in financing their apartment complex at a fixed rate for a 20 year, fully amortizing loan with one of our correspondent lenders.”
- Mike Lowry
Property Information:
• The two, seven-story, buildings were originally completed in 1964 in the Ocean View area of Norfolk.
• The property offers views of the Chesapeake Bay or the Ocean View golf course.
• All units have covered balconies.
• Amenities include a fitness room, clubhouse, business center, spa, pool and playground.
Meet our team
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.
