RICHMOND, VA — Mike Lowry secured the $8.968 million construction loan for Turner Road Business Center. The property is located at 219 Turner Rd. in Richmond.
- 2-year construction (5-year permanent) term with 2-years interest-only payments followed by a 25-year amortization schedule.
- NorthMarq arranged financing for the borrower through its relationship with a regional bank.
- The four building industrial property contains a combined 81,000 s/f.
- Property features include: Unit sizes ranging from 2,250 - 22,500 s/f, drive-in doors, 204 parking spaces.
- The property is located in Enterprise & Opportunity Zones and the Eastern Midlothian Service District (4.89 acres zoned C-4 in Chesterfield County).
“We were pleased to assist our client in obtaining construction financing for a fully speculative development of four office/warehouse/flex buildings close to Midlothian Tpke., and near the Stonebridge redevelopment of Cloverleaf Mall at Chippenham Parkway. The current Midlothian Corridor industrial/flex market has promising potential for rent growth, with little product under construction,” said Mike Lowry, senior vice president in NorthMarq Richmond regional office.