Washington DC + Finance | November 16, 2020

NorthMarq Secures $42M Refinancing for Southern Virginia MF Portfolio

NorthMarq has secured a $41.7 million refinancing for a multifamily portfolio in Southern Virginia. The three-property portfolio consists of a combined 724 units.

The portfolio consists of Reserve at Deer Run Apartments, a 232-unit community in Newport News; Newport Commons Apartments, a 272-unit community in Newport News and Jefferson Pointe Apartments, a 220-unit community in Prince George.

Bob Harrington and Paul Whalen of NorthMarq’s Miami office secured the refinancing on behalf of the undisclosed borrower through the firm’s status as an Optigo lender. Terms of the loan included a an interest rate in the upper 2%’s with five years of interest-only payments followed by a 30-year amortization schedule.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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