Real Estate Journal — Lender’s Directory — November 8 - 21, 2019 — 17A
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Lender’s Directory The property is located in Enterprise & Opportunity Zones
Lowry of NorthMarq arranges $8.968 million construction loan for Turner Road Business Center
ICHMOND, VA — Mike Lowry secured the $8.968 million con- struction loan for Turner Road Business Center. The property is located at 219 Turner Rd. in Richmond. Financing Details: - 2-year construction (5-year permanent) termwith 2-years interest-only payments fol- lowed by a 25-year amortiza- tion schedule. R JPMorgan Chase makes $5M investment to support affordable housing and small businesses WASHINGTON, DC — JPMorgan Chase & Co. announced a $5 million, three- year commitment to help ex- pand access to economic oppor- tunity for local residents and small business owners along the 16-mile Purple Line light rail corridor in the Greater Washington region. “As our regional economy grows, the economic potential of better transportation options must benefit all residents,” said Peter Scher , chairman of the Mid-Atlantic Region and Global Head of Corporate Responsibil- ity at JPMorgan Chase. “The Purple Line presents a unique opportunity to create and pre- serve affordable housing and ensure small businesses thrive from improvements to our public transportation system. The only way to do this is by business, government and community leaders being at the forefront of driving collaborative solutions.” The Purple Line project in Maryland’s Prince George’s and Montgomery Counties will pro- vide more efficient transit and spark redevelopment around its 21 stations. As part of the JPMorgan Chase’s $25 million, five-year commitment to the Greater Washington region, fromNorthern VA to Baltimore, this new investment will create and preserve affordable housing and support small businesses along the transportation cor- ridor. The Purple Line Equitable Transit-Oriented Development’s efforts will help to implement the Purple Line Corridor Coali- tion’s Community Agreement for the area, which was established after an extensive stakeholder engagement process.
Producer Quote: “We were pleased to as- sist our client in obtaining construction financing for a fully speculative development of four office/warehouse/flex buildings close to Midlothian Tpke., and near the Stone- bridge redevelopment of Clo- verleaf Mall at Chippenham Parkway. The current Midlo- thian Corridor industrial/flex market has promising poten- tial for rent growth, with little product under construction,” said Mike Lowry, senior vice president in NorthMarq Rich- mond regional office.
- NorthMarq arranged financing for the borrower through its relationship with a regional bank. Property Details: - The four building indus- trial property contains a com- bined 81,000 s/f. - Property features include: Unit sizes ranging from 2,250 - 22,500 s/f, drive-in doors, 204 parking spaces. - The property is located in Enterprise & Opportunity Zones and the Eastern Midlo- thian Service District (4.89 acres zoned C-4 in Chesterfield County).
219 Turner Rd.
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