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Northmarq Arranges $7M for Purchase of 1970s-Vintage Multifamily in Petersburg
Northmarq has secured $6.7 million in acquisition financing for Mill Creek Apartments in Petersburg, VA.
Hunter Wood, Keith Wells and Reina Abboud of Northmarq’s Richmond debt/equity team arranged with a regional bank a permanent-fixed loan structured with a five-year with 12 months interest only term followed by a 30-year amortization schedule.
The 1976-constructed Mill Creek Apartments is comprised of 95 units across two-story buildings on Park Avenue. The multifamily is within a 10-minute walk of two shopping centers: South Crater Road Plaza (0.3 miles) and Burgess Shopping Center (0.4 miles). There are five parks situated within only 12.2 miles of the property.
- ◦Sale/Acquisition
