Hampton Roads Project Gets $22M Financing

Bellwether Enterprise secured the loan for the developer of the 162-unit community, set for completion in late 2020.
Monroe Gates. Image courtesy of Bellwether Enterprise

The Whitmore Co. has obtained a $22 million Virginia Housing Development Authority loan for Monroe Gates Apartments, a 162-unit multifamily development in Hampton, Va. Bellwether Enterprise secured the non-recourse, construction-to-permanent financing package, which has a 35-year term and an 82 percent loan-to-cost ratio. In July, the developer broke ground on the project, slated for completion in late 2020.

Located at 200 S. Mallory St. in the Phoebus neighborhood, the 5-acre development is underway near Interstate 64, 2 miles southeast of downtown Hampton. A VA hospital, Hampton University and Fort Monroe are all within 2 miles of the project site.

The development will include eight two-story townhouse and four carriage home units, along with a mix of 150 one- and two-bedroom apartments in five three-story buildings. Community amenities will feature a clubhouse, fitness center, media room, dog park and pool as well as conference facilities. At least 20 percent of the units will be affordable based on the area’s median income.

Bellwether’s Kelly Martone secured the mortgage on behalf of the borrower. In July, the firm arranged a $10 million loan for another Virginia multifamily property. The financing included tax-exempt bonds in addition to low-income housing tax credits.