RICHMOND-Parmenter Realty Partners has secured a $43.3-million loan from NorthStar Income to recapitalize existing debt on its SunTrust Plaza complex here. CBRE Capital Markets arranged the permanent financing. Terms include a three-year, interest only amortization, an LTV of 70% and an “aggressive” interest rate.

If these sound like excellent terms, well, they are. Yet the refi market can be difficult, even for such assets and borrowers as SunTrust and NorthStar. “Most bridge lenders haven’t expanded in size or capacity and have limited amounts of capital to put out,” CBRE vice chairman Charles Foschini tells “Therefore they’re focusing on new acquisitions. As the market returns to equilibrium that should change, but at the moment that’s not the case.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.