“Everything we do is affordable,” said developer Jen Surber. “You can’t build (affordable units) quick enough. They lease up quickly and they stay full.”
Renovations to the wound-down assisted living wing remain underway, though the largest capital improvement planned for the senior living complex has yet to break ground.
Henrico apartment complex sells for $15M; buyer plans $6M renovation richmondbizsense.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from richmondbizsense.com Daily Mail and Mail on Sunday newspapers.
Harbor Group International Provides Bridge Financing for Virginia Multifamily Portfolio Acquisition
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HAMPTON, Va., April 20, 2021 /PRNewswire/ Harbor Group International, LLC ( HGI ), a privately-owned international real estate investment and management firm, today announced it provided $75.5 million in bridge financing to Brentwood Investment Group ( Brentwood ) and Greencove Capital Group ( Greencove ) for the acquisition of an 856-unit multifamily portfolio in Virginia. The loan is part of HGI s whole loan senior mortgage platform.
The portfolio consists of five garden-style multifamily communities in Hampton and one property in Poquoson, Va. Built between 1970 and 1985 with an average unit size of 921 square feet, the properties are strong performers and feature affordable rents. With a blended occupancy rate of 98%, the portfolio is positioned for a value-add and mark-to-market business plan.