Northmarq’s Debt + Equity team in Richmond, consisting of Mike Lowry, Keith Wells, Win Martin, and Jason KaplanÅ, secured approximately $158 million in financing for a portfolio of 76 office, retail, and industrial properties in Richmond, VA. The financing was arranged on behalf of the borrower, The Wilton Companies. 

The transaction involved refinancing $130 million in CMBS loans that were due in 2024. To manage the complexity of the portfolio and the refinancing process, Northmarq divided the portfolio into four pools of loans. A life insurance company provided an $88 million loan on a 10-year term, and three commercial banks provided loans totaling approximately $70 million with various maturities and amortizations. The portfolio includes over 1.93 million square feet of retail, warehouse, flex, and suburban office space. 

“Because of the number of properties, the size of the refinance, the sponsor’s preference for portfolio lenders and the opportunity for a significant cash-out, Northmarq presented the portfolio to over 30 correspondent life company lenders and 20 banks,” said Lowry.