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Northmarq has secured $6.7 million in acquisition financing for Mill Creek Apartments in Petersburg, VA.

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.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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