Venture Apartments iN Tech Center

Grandbridge Real Estate Capital recently closed a $37,500,000 first mortgage loan secured by Venture Apartments iN Tech Center, a 288-unit multifamily property in Newport News, Va. Norfolk, Va.-based Gary Beck originated the refinance financing for a repeat client.

The fixed rate loan was funded through Fannie Mae’s Near-Stabilization Execution multifamily loan product, enabling Grandbridge to structure the nonrecourse financing with 60 months of interest-only, a10-year term and 30-year amortization. The transaction closed with an interest rate of 4.030 percent.

“This deal was processed under Fannie Mae's Near-Stabilized execution that allows lenders to rate lock and close once a property is 75 percent occupied clearly trending toward being at its stabilized underwritten occupancy within 120 days of rate lock,” said Landon Litty, Grandbridge Agency Underwriting.

Built in 2017, Venture Apartments iN Tech Center, an urban-style apartment complex located within Tech Center, a planned mixed-use development, is comprised of 253,797 rentable square feet housed in three, four-story residential buildings. The property features a saltwater pool with sundeck, poolside cabana, 24-hor outdoor kitchen and two grilling stations. Residents also enjoy the property’s 24-hour fitness center, virtual on demand fitness training, covered parking, dog park and spa. The clubhouse features a full kitchen, billiards, gaming parlor, Wi-Fi business center, bike storage and guest suite.

Transaction Strengths:

• High Quality Asset
• Rapid Lease Up
• Strong Sponsorship
• Professional Management – with Drucker and Falk
• Roughly 10% Hard Equity – will remain in transaction
• Tier 3 Leverage (65% LTV/1.35x DSCR)
• Well Located – in the Tech Center development adjacent to planned office buildings and recently developed shopping center anchored by Whole Foods