Wells, Lowry, Abboud & Wood collaborate to arrange refinance
RICHMOND, VA — Northmarq’s Richmond debt/equity team, consisting of Keith Wells, Mike Lowry, Reina Abboud, and Hunter Wood collaborated to arrange the $65 million refinance of Apex Plaza. Northmarq negotiated financing for the borrower through its relationship with a regional bank.
The state-of-the-art 265,000 s/f mixed-use cross-laminated timber (CLT) property 151,000 s/f of office space, 102,000 s/f podium concrete parking structure with EV charging stations, and 6,800 s/f of retail space and is located at 100 Garrett St. in Charlottesville.
The project, designed by world-renowned architect William McDonough, represents the first large-scale mass timber project in the Commonwealth of Virginia, the largest on the East Coast, and one of only a handful in the United States. The building features retail and office spaces adjacent to the Downtown Mall.
The facility boasts 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.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.