Richmond-Hampton Roads
Hunt Obtains $23M Financing for VA and MD Assets
The company provided an acquisition loan for the 176-unit Trellis at Lee’s Mill Apartments in Newport News, Va., as well as a refinancing loan for the 162–unit Hickory Hill Apartments in Frederick, Md.
Value-Add Portfolio Trades in Norfolk, VA
The five-community portfolio offers 124 units and easy access to the beach. The buildings are located near several planned projects in the Ocean View area.
Fulton Hill Properties Breaks Ground on Richmond Project
Artisan Hill will be a 204-unit community adjoined by an artists’ gathering place. The development, located at 1000 Carlisle Ave., near several parks and trails, is slated for completion in 2019.
High-Paying Jobs Add to Upscale Demand in Richmond
Although overall employment growth is tepid and continues to trail the national rate, the metro’s economy is slowly but steadily diversifying, drawing investors and large projects.
Hunt Mortgage Facilitates Acquisition Loan for VA Property
The company worked on behalf of Thalhimer Stratford to secure financing for the purchase of Stratford at Williamsburg, a 156-unit apartment community in Williamsburg, Va.
Berkadia Secures $96M for PA, VA Properties
The company’s HUD team secured financing for three properties: $67.1 million for two properties in Philadelphia, the largest HUD 223(f) loans originated in the area in the last five years, and $29.1 million for a property in Richmond, Va.
Pillar Provides Freddie Mac Loan for Richmond Community
The company originated a $10.4 million, 7-year loan for the acquisition of a 348-unit community located in the Bellwood. The asset has an occupancy rate of 97.4 percent.
Overbuilding in Richmond?
Following several years of strong supply, the area’s multifamily market is shifting down a gear. With almost 20,000 units in the pipeline, the metro is at risk of overbuilding.
Upcoming VA Community Lands $24M Construction Financing
Berkadia’s Senior Managing Director David Blake arranged a 40-year loan for the development of a 168-unit residential property in Christiansburg, Va.
Richmond Community Changes Hands
The 75-unit 2001 East Apartments, which is located close to the Church Hill Historic District, traded for $9.7 million. Rents at the residential property, which also has two commercial suites, equate to an average of $1,177.