Greysteel Arranges Sale, Financing of Norfolk Multifamily
Greysteel has arranged the sale and debt financing of Pelham Place, a 74-unit multifamily property located at 521 Boissevain Avenue, in Norfolk’s historic Ghent neighborhood.
The property was purchased by Lightwell Development, a historic tax credit developer with successful rehabilitations throughout Hampton Roads. The sales price was not disclosed. Built in 1906 and listed in the National Historic Registry, Pelham Place presented unique challenges due to its age and historical designation.
Greysteel’s investment sales team, led by Otto Snell, executed a targeted marketing strategy that generated six competitive offers within a condensed marketing period, ultimately securing a buyer who recognized the property’s potential for value-add renovations.
Greysteel’s debt team, led by Jack Whitman, secured a creative financing solution. The fixed-rate term loan provided 80% leverage on the total cost, including acquisition, capital expenditures, and closing costs. Key terms included a 6.9% fixed interest rate, 18 months of interest-only payments, and a 30-year amortization schedule.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout