Berkadia Completes $36M Sale and Secures $32M in Financing for Multifamily Property in Virginia Beach, Virginia
Virginia Beach, Virginia – February 8, 2024 – Berkadia announced today the sale and financing of Dove Landing, a 318-unit, garden-style multifamily property in Virginia Beach, Virginia. Senior Managing Director Drew White of Berkadia DC Metro, Senior Director Carter Wood of Berkadia Norfolk, and Director Cole Carns of Berkadia Richmond led the $36 million sale on behalf of the seller, Enterprise Community Development, a top nonprofit owner and developer of affordable homes in the Mid-Atlantic. The deal closed on January 18.
“Working with the Enterprise team was an honor,” said White. “The asset sale was tricky in that it was a scattered site portfolio of four assets built at different times but had great occupancy and potential that was supported during the marketing period. The buyer, Community Investment Group, is dedicated to preserving affordable housing and creating positive impacts for residents through its non-profit division.”
Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, Senior Director Miles Drinkwalter and Associate Natalie Revers of Berkadia DC Metro, and Senior Director Hunter Wood of Berkadia Richmond secured a $31.85 million acquisition loan from Ease Capital on behalf of the buyer, Chesapeake, Virginia-based Community Investment Group.
“Berkadia’s debt team is grateful for the opportunity to work with CIG and help close the first loan under the Ease Capital and Taconic Joint Venture,” said McGlohn. “The team’s tireless effort led to a successful outcome and we are thankful for the contributions of everyone involved.”
“We are proud to add Dove Landing to our quickly expanding portfolio of multifamily properties within the Southeast,” said Brad Newton, Community Executive Officer of CIG. “The team at Berkadia was able to work with Ease to structure an accretive and thoughtful financing solution that provided for our purchase, improvement, and transformation of this well-positioned community.”
Located at 5301 Justin Court, Dove Landing affords convenient access to the Greater Virginia Beach area. A thriving business hub for bio and life sciences, advanced manufacturing, information technology and cyber security, and the maritime and logistics industries. Built in 1982, Dove Landing was renovated in 2015 and features 318 units comprised of one- and two-bedroom floorplans. Community amenities include a swimming pool, a bluetooth laundry facility, and a dog park.