The financing comprises $62.8 million in HUD 221(d)(4) permanent financing and $35 million in equity bridge loans, Connect CRE reports.
Merchants Capital announced $97.8 million in financing for the rehabilitation of Stuart Gardens, a 491-unit affordable multifamily property in Newport News, Virginia, according to Connect CRE.
The financing comprises $62.8 million in HUD 221(d)(4) permanent financing and $35 million in equity bridge loans.
Connect CRE names Vitus Group as the developer and describes Stuart Gardens as a two-phase property.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections
Permits ran at a 503,000 annualized rate against 349,000 in starts, a gap Leaselock economist Greg Willett links to financing costs.
The 46-story Midtown project is 56% pre-leased and has $1.2 billion in construction financing, Commercial Observer reported.
The 227-unit Central at Old Southside, developed by The Annex Group, is scheduled to start construction in 2026 and finish in 2028.
Bridge Investment Group and Pacific Development borrowed the bridge loan, which funded an interest reserve and returned equity.
Bridge, Declaration Partners and Avery Hall are the sponsors; coupon and spread were not disclosed.
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