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Northmarq Secures $65M Refi for Virginia’s First Mass Timber Building
Northmarq has arranged the $65-million refinance of Apex Plaza, a 265,000-square-foot mixed-use cross-laminated timber property in Charlottesville, VA.
Keith Wells, Mike Lowry, Reina Abboud and Hunter Wood of Northmarq negotiated financing for the borrower through its relationship with a regional bank.
The cross-laminated timber building, which Northmarq describes as VA’s first and the East Coast’s largest, has 151,000 square feet of office space and 6,800 square feet of retail space. It also offers a 102,000-square-foot podium concrete parking structure with EV charging stations.
Apex Plaza sits on Garrett Street adjacent to the Downtown Mall. The property has 875 roof-and canopy-mounted solar panels, and the structure’s green roof creates habitat to promote biodiversity and storm water retention. The solar panels are designed to produce as much electricity as lead tenant, Apex Clean Energy, consumes in a given year, leaving the company with net-zero electricity use.
- ◦Financing
