6A — August 11 - 24, 2017 — Multifamily Financing — Financial digest — M id A tlAntic

Real Estate Journal


M ultifaMily f inancing

R Office also arranges $10mpermanent financing for Waverton Impressions in Newport News NorthMarq Capital’s Richmond office secures $30m construction financing for Reynolds South Tower

ICHMONd, VA — Mike lowry , se - nior vice president of NorthMarq Capital ’s Richmond regional office, arranged construction fi- nancing of 30 million for 5e\nolds 6outh 7ower, a 0 stor\, 3unit multifamil\ propert\ located at 505 3orter St. in the Manchester area of downtown Richmond. The transaction was structured with a variable interest rate construction term, convert- ing to a fixed rate permanent loan upon completion. North- 0arq arranged financing for

Reynolds South Tower

Reynolds South Tower

the borrower through Union %anN 7rust·s 5ichmond 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 professionall\ pacNage and marNet the opportunit\ to a larger pool of lenders to create a competitive environ- ment,” said Lowry. In other news, KeithWells , senior vice president/manag- ing director of 1orth0arq Capital’s Richmond regional office, arranged permanent financing of 0 million for :averton ,mpressions, a 3 unit multifamily property located in Newport News. 1orth0arq arranged fi- nancing for the borrower through its relationship with Waverton Associates , a well-established developer of multifamily complexes head- quartered in 3ortsmouth. Wells also arranged per- manent financing of 0.85 million for the GSA Gov. building, a 53, s/f office propert\ located in 1orfolN. The transaction was struc- tured with a fixed rate, five \ear term on a 5\ear amor- tization and is pre-payable at par, non-recourse. :ells arranged refinancing of 3. million for 7ownside Festival Shopping Center, a 5,000 s/f neighborhood retail property located in 5oanoNe. 7he transaction was structured with a 0\ear term on a 5\ear amorti]a- tion schedule. 1orth0arq arranged financing for the borrower through its relation- ship with a correspondent life company. n

Record July: $67,350,000 in Funded Transactions!

Office Acquisition Malvern, Chester County, PA $54,250,000 t 356,000 SF Suburban, Class “A”Office Buildings t 75% Leverage t 10-Year Fixed Rate at 4.48% t 30-Year Amortization t Non-Recourse

Multi-Family Refinance Philadelphia, PA $9,100,000 t 12 Year Term (7 + 5) t 7 Year Fixed Rate at 3.85% t 30-Year Amortization t Flexible Prepayment t Non-Recourse t Low Transaction Costs

Commercial Parcel Acquisition Philadelphia, PA $4,000,000 t 7-Year Fixed Rate at 4.15% t 10 Year Term (7+3) t 20-Year Amortization t Limited Recourse t Flexible Prepayment t Closed in 25 Business Days!

RCA Places Financing for the Full Range of Commercial Real Estate Assets: Multi-Family, Retail, Office, Industrial, Healthcare, Hospitality, Development

George Johnson, President & CEO george@rittenhousecapital.com ph. 215.989.4443 f. 267.324.3394

Sam Oropeza, Business Development sam@rittenhousecapital.com ph. 215.971.2003 f. 267.324.3394

Joe Hanuscin, Sr. Client Manager joe@rittenhousecapital.com ph. 215.971.2004 f. 267.324.3394

For information visit www.RittenhouseCapital.com or call (215) 454-2852

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