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November 16, 2020 Comments Off on NorthMarq Secures $42M Refinancing for Southern Virginia MF Portfolio Views: 699 D.C. Metro News, Top Washington, D.C., Washington, D.C. News

NorthMarq Secures $42M Refinancing for Southern Virginia MF Portfolio

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NorthMarq has secured a $41.7 million refinancing for a multifamily portfolio in Southern Virginia. The three-property portfolio consists of a combined 724 units.

The portfolio consists of Reserve at Deer Run Apartments, a 232-unit community in Newport News; Newport Commons Apartments, a 272-unit community in Newport News and Jefferson Pointe Apartments, a 220-unit community in Prince George.

Bob Harrington and Paul Whalen of NorthMarq’s Miami office secured the refinancing on behalf of the undisclosed borrower through the firm’s status as an Optigo lender. Terms of the loan included a an interest rate in the upper 2%’s with five years of interest-only payments followed by a 30-year amortization schedule.

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