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RICHMOND, VA. — NorthMarq has arranged a $7.8 million loan for Main2323, a 71-unit multifamily property in the historic Shockoe Bottom neighborhood in downtown Richmond. Mike Lowry of NorthMarq arranged the Freddie Mac loan, which was structured with a 10-year term and a 30-year amortization schedule. The undisclosed borrower is using the fixed-rate loan as a cash-out refinance.
Renovated in 2016, Main2323 is a two-building property that was originally built in 1917. The property was 98 percent occupied at closing. Community amenities include a saltwater pool, courtyard and roof deck, internet, clubroom, fitness area and secured parking available.