Greysteel Arranges Sale, Financing of Norfolk MF
Greysteel has closed the sale and loan transaction for Sherwood Forest, a 173-unit multifamily property located at 2803 Early Street in Norfolk, Virginia.
Otto Snell, Director, of Greysteel exclusively represented the seller in the transaction, while Jack Whitman,
“The sale of Sherwood Forest demonstrates how our team’s collaborative nature delivers exceptional results for our clients by not only securing an ideal buyer but also finding a tailored debt solution to ensure the buyer can execute,” said Mr. Snell, Director at Greysteel.
The transaction achieved a 5.25% Year 1 NOI sale cap rate. Additionally, Greysteel arranged a $15.97M conventional loan as part of the transaction.The financing included a fixed interest rate, 80% loan-to-cost, two years of interest-only, and no prepayment penalty. The loan also included future funding for capital expenses, further enhancing the property’s investment potential.
Built in 1965, Sherwood Forest offers residents convenient access to major transportation routes, as well as a variety of dining, retail, and entertainment options.
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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