NorthMarq Arranges $16 Million Construction Loan for Park 37 Apartments Near Virginia Tech

Blacksburg, Va. — NorthMarq has arranged $16 million in construction financing for Park 37 Apartments, a 215-bed student housing community located near the Virginia Tech campus in Blacksburg. Mike Lowry of NorthMarq secured the loan through a regional bank on behalf of an undisclosed, Virginia-based developer. The financing features a three-year term with three years interest-only. The developer broke ground on Park 37 Apartments in April, with completion scheduled for July 2020. Shared amenities at the property will include a clubhouse, lounge, fitness center, swimming pool, fire pit, covered bike storage and on-site access to one of Blacksburg’s walking/biking trails. 

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