Northmarq Arranges $6.7M Acquisition Loan for Apartment Community in Petersburg, Virginia

by John Nelson

PETERSBURG, VA. — Northmarq has arranged a $6.7 million acquisition loan for Mill Creek Apartments, a 95-unit multifamily community located at 2701-2732 in Petersburg. Hunter Wood, Keith Wells and Reina Abboud of Northmarq’s Richmond office arranged the five-year loan through a regional bank on behalf of the undisclosed borrower. The loan includes 12 months of interest-only payments followed by a 30-year amortization schedule. Built in 1976, Mill Creek is situated within a half-mile of two regional shopping destinations: South Crater Road Plaza and Burgess Shopping Center. The seller was not disclosed.

You may also like