Real Estate Journal — September 13 - 26, 2019 — 3A
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Richmond office negotiates construction loan of $16M for student housing property NorthMarq arranges $34.15 million refinance of River’s Edge at Manchester in Richmond, VA
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window coverings, high speed internet access, washer/dry- er, air conditioning, ceiling fans and cable ready. - Community amenities: Fitness center, pool, pack- age service, controlled ac- cess, maintenance on-site, 24-hour availability, guest apartment, pet play area, clubhouse, lounge, storage space and pet friendly policy. Mike Lowry of NorthMarq’s Richmond-based regional of- fice, finalized a $16 million construction loan for Park 37 Apartments. The 75-unit (215 beds) student housing property is located at 1222 Patrick Henry Dr. in Blacksburg, Virginia and is located near the campus of Virginia Tech. Financing Details: • Construction loan • 3-year term with 3-years interest-only
• NorthMarq arranged financing for the borrower through its relationship with a regional bank. “We are pleased to have assisted our Blacksburg, VA based developer client in obtaining a construction loan for their 75 unit, 215 bed student housing develop- ment.” - Mike Lowry Property Information: - Groundbreaking for Park 37 was in April 2019 and completion is for July 2020, coinciding with Virginia Tech’s 2020-21 school year. - Park 37 will offer mul- tiple amenities including: clubhouse with lounge, fit- ness center, pool, fire pit, covered bike storage and a new Blacksburg transit stop at the site. Direct access to one of Blacksburg’s walking/ biking trails will also be on- site.
ICHMOND, VA — Mike Lowry and Reina Abboud of
TOWSON,MD — KLNB an- nounced the sale of two proper- ties in Towson, MD. 1641 East Joppa Rd. sold for $1,500,000, and 803 Gleneagles Court sold for $4.4 million. Brad Berzins and Jesse Schwartzman of KLNB represented the seller in both instances: Howard Bank for 1641 East Joppa Rd. and a private partnership for 803 Gleneagles Court. Both of these sales represent and reinforce the demand from users for well-situated assets in Baltimore County and Tow- son. Said Berzins: “At both Gleneagles Court and 1641 E. Joppa Rd., the interest and demand from end-users was extremely high. Both of our clients achieved high-water mark pricing of $147 psf at 803 Gleneagles Court and $323 psf at 1641 E. Joppa Rd.” Situated in Baltimore Coun- ty at the intersection of East Joppa Rd. and Loch Raven Blvd., 1641 East Joppa Rd. is easily accessible from the I-695 Baltimore Beltway and is caddy corner to a newly developed drive-through Star- NorthMarq’s Richmond- based regional office, secured the $34.15 million refinance of River’s Edge at Manchester. The 212-unit multifamily property is located at 505 Por- ter Street in Richmond. Financing Details: • Refinance • 10-year termwith 5-years interest-only followed by a 30- year amortization schedule • Permanent fixed rate loan • NorthMarq arranged financing for the borrower through its in-house Fannie Mae team “We are pleased to have assisted our clients in se- curing long-term, fixed rate financing using Fannie Mae’s pre-stabilization program.” - Mike Lowry
505 Porter Street
Property Information: - River’s Edge is an eight story, podium apartment complex situated on a 201 space, two-story garage, and was completed in July - Sep- tember of 2018. - This property represents the top of the Richmond mul-
tifamily market as confirmed with 95%+ leasing being achieved by April 2019. - Apartment amenities: Dishwasher, disposal, gran- ite countertops, stainless steel appliances, microwave, range, refrigerator, hard- wood floors, walk-in closets,
Berzins & Schwartzman of KLNB rep seller in sale of 1641 East Joppa Rd. for $1.5M and 803 Gleneagles Court for $4.4M
1641 East Joppa Rd.
803 Gleneagles Court.
bucks. The half-acre site offers ideal visibility on a main thor- oughfare in the busy Towson area with traffic counts of nearly 50,000 ADT. Henry De- Ford of MacKenzie Commer- cial Real Estate represented the Newton, Mass.-based
buyer M and S Limited Part- nership. The site was previ- ously utilized as bank branch/ office building, most recently as a Howard Bank branch. The buyer plans to turn the site into a quick-service oil change facility.
Said Schwartzman: “803 Gleneagles Court represented a very rare opportunity to ac- quire a 30,000 s/f stand-alone flex/office building at a key Baltimore County intersec- tion – Loch Raven Blvd. and Cromwell Bridge Rd. Situated
on 4.9 acres, the site is ideal for a single-building user that could capitalize on the park- ing ratio and access to the Baltimore Beltway and Tow- son”. Michael Mull of KLNB represented the buyer – who is undisclosed.
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