RICHMOND, VA — Mike Lowry, Keith Wells, Reina Mazicioglu, and Hunter Wood of Northmarq’s Richmond debt/equity team, arranged the $29.8 million construction financing for the multifamily development. The 122,464 s/f plot is located at 103 East 2nd St., Richmond. The permanent-fixed loan was structured on a 5-year term with 3-years interest only followed by a 30-year amortization schedule. Northmarq secured the financing through a local bank.
In a second transaction, Reina Mazicioglu and Hunter Wood arranged the $14 million refinance of Hopper Lofts. The 139-unit/4-story multifamily property (built in 2012) is located at 700 Everett St., Richmond. The permanent-fixed loan was structured with a 10-year interest only term followed by a 30-year amortization schedule. Northmarq secured the financing through its in-house Fannie Mae platform.
Highly rated and located in the upgraded industrial neighborhood of Old Town Manchester, Hopper Lofts lies within city attractions and river views. The Richmond International Airport is only 10.1 miles away from the property, equaling a 19-minute drive. Residents benefit from proximity to three shopping centers: City View Marketplace (0.4 miles), Wilton Square at Tobacco Row (2.0 miles), and Fulton Yard Site C (3.6 miles). There are five parks within only 3 miles, conveniently accessible to walkers and bikers.
Property features include: Granite kitchen countertops, polished concrete flooring, spacious closets, pet play area with washing station, state-of-the-art fitness center, clubhouse, courtyard, lounge, on-site maintenance, elevator, door-to-door trash pickup, and assigned parking space.
WHITE PLAINS, NY — Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains debt/equity office, arranged refinancing of $9 million for Tireno Towers. The transaction was structured with a 10-year term with 1-year interest only and a 30-year amortization schedule. Northmarq secured financing for the borrower through a regional bank.
“The borrower was interested in a short-term bank loan with a flexible prepayment. We went to numerous New Jersey banks for the best deal for this strong, locally based client. We had many options and were able to get the client the best mix of rate, proceeds and fees,” said Ranieri.
Tireno Towers, constructed in the late 1960’s, is a 54-unit mid-rise building offering a mix of studio, 1-bedroom and 2-bedroom units. Amenities at the property include balconies, laundry facilities on each floor and covered and surface parking. Three former office suites are in the process of being converted to four additional apartment units. The lobby is also being completely renovated.
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