Apex Plaza. Picture courtesy of Northmarq
Northmarq has organized a refinancing package deal for Apex Plaza in Charlottesville, Va., the state’s first large-scale mass timber challenge and the biggest timber constructing on the East Coast. Northmarq acted on behalf of the borrower, Apex Clear Vitality, securing $65 million for the 265,000-square-foot headquarters and multi-tenant workplace constructing by means of a regional financial institution.
Whereas the workplace sector might not be the darling of the lending neighborhood compared to multifamily and industrial product, Apex Plaza is a star in its class and certain attracted an excessive amount of consideration amongst potential lenders. Growth and development agency Hourigan teamed with Riverbend Growth to deliver Apex Plaza to fruition in December 2021. And along with being brand-new, the challenge is well-located, well-leased and distinctive—a lender’s dream, basically.
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An eight-story, cross-laminated timber construction sited throughout from Charlottesville’s Downtown Mall, Apex Plaza consists of 151,000 sq. toes of workplace house atop a 102,000-square-foot concrete parking podium and 6,800 sq. toes of ground-level retail. Apex Clear Vitality serves because the tower’s anchor, occupying an 84,000-square-foot headquarters house. The challenge’s normal contractor, Hourigan, additionally calls Apex Plaza residence, as does its architect, William McDonough, and the Southern Environmental Regulation Middle, amongst others.
Maybe the property’s most notable characteristic is its sustainability. Apart from its management within the timber growth world, the workplace constructing is adorned with an 875-panel photo voltaic set up that produces power equal to the quantity that Apex consumes yearly, leaving the corporate with net-zero electrical energy utilization. Moreover, Apex Plaza incorporates a inexperienced roof that enables for biodiversity and stormwater retention.
A thriving workplace market
Whereas the vast majority of the U.S. workplace sector continues to wrestle within the post-pandemic period, the Charlottesville workplace market is faring comparatively nicely. Town’s general emptiness charge was simply 4.1 % within the third quarter of 2022, in line with a report by Cushman & Wakefield/Thalimer. Moreover, massive blocks of house are briefly provide; simply three such areas over 20,000 contiguous sq. toes had been accessible within the third quarter, two of which had been sublease choices. And the longer term seems vivid for the Charlottesville workplace market as nicely.
“Leasing exercise stays robust with 17 % extra offers accomplished year-to-date than throughout the first three quarters of final yr,” the report reveals. “Whereas the typical deal dimension has decreased 16 % year-over-year, emptiness numbers are forecast to proceed to fall as deal quantity is projected to develop.”
