Virginia Asset Sells for $32M
Berkadia arranged the transaction and secured acquisition financing under the form of a five-year bridge loan.
The Linden Property Group and Navy Squared Partners have acquired The Village at Stoneybrook, a 256-unit multifamily community in Newport News, Va.
Berkadia Norfolk represented the seller, Stoneybrook & Associated LLC, in the $32 million transaction. Paul Wallace, the firm’s managing director, secured a $27.8 million five-year bridge loan on behalf of the buyer, through Sandy Spring Bank.
Completed in 1973, the garden-style community encompasses 21 two-story buildings with one-, two- and three-bedroom units ranging between 750 and 1,200 square feet. Common-area amenities include a playground, a picnic area, a swimming pool and laundry facilities. Wallace said in prepared remarks that Linden is aiming to execute a value-add plan through community amenity improvements and in-unit upgrades.
The Village at Stoneybrook is located at 400 Cox Landing, near interstate 64 and Warwick Blvd., in proximity of multiple dining, retail and entertainment venues. Large green areas such as Newport News Park, Colonial National Historical Park and Plum Tree Island National Wildlife Refuge are situated nearby. Newport News/Williamsburg International Airport is only a 10-minute driveaway from the property.
Senior Director David Hudgins brokered this transaction, as well as a $45.5 million deal for a 252-unit garden-style apartment community located in Hampton, Va. For the acquisition, Berkadia secured a $27.4 million, 10-year permanent loan through Fannie Mae.