Merchants Capital Secures $98M for VA Affordable Development
Leading financial services provider Merchants Capital announced $97.8 million in financing for the rehabilitation of Stuart Gardens, a 491-unit, two-phased affordable multifamily property in Newport News, Virginia. developed by Vitus Group.
Merchants Capital secured $62.8 million in U.S. Department of Housing and Urban Development (HUD) 221(d)(4) permanent financing and $35 million in equity bridge loans provided by Merchants Bank. Stuart Gardens’ capital stack also includes low-income housing tax credit and green and resilient retrofit program financing via HUD for energy-efficient improvements.
Stuart Gardens comprises 109 two-story buildings, with 489 of 491 units across both properties, 100% of the residential units, restricted to families earning 60% area median income. Constructed in 1940, it has been designated as a historic property by the Virginia Board of Historic Resources.
Upon completion, Stuart Gardens will offer updated one, two and three-bedroom apartments. Located in a mixed-use neighborhood southeast of downtown Newport News, Stuart Gardens sits within a 1.5-mile radius of schools, public transportation, recreation areas, fire and police stations and grocery stores.
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Apartment Property in Downtown Wenatche Changes Hands
Tamarack, a 23-unit apartment community at 211 N. Delaware Avenue in Wenatchee, Washington, has sold for $3.25 million. Kidder Mathews Vice President Max Frame of the Simon | Anderson Multifamily Team represented the seller, Dan Dahl. The 21,400-square-foot garden-style community is located steps from downtown Wenatchee and offers investors a value-add opportunity in a highly...
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Colliers Brokers $18M Sale of 88-Unit Multifamily in Seattle’s Roosevelt Neighborhood
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Essex Realty Group Closes Sale of $17M Suburban Chicago Apartments
Essex Realty Group announced the sale of Parkside Apartments, a 120-unit multifamily property located in Glen Ellyn, Illinois. Constructed in 1963, the property represents an institutional-scale investment in the highly sought-after DuPage County rental market. Essex Realty Group Principal Brian Karmowski and Director Anthony Citriglia represented both the seller, Iman Jalali of Bear Peak Capital,...
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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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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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