Ease Capital announced it had provided Community Investment Group (CIG) with $32 million in acquisition financing for purchasing and renovating Dove Landing Apartments, a 318-unit garden-style multifamily complex located in Virginia Beach, VA.
Ease Capital’s Barclay Lynch, Head of Loan Originations, originated and structured the three-year, full-term interest-only, and non-recourse debt. Patrick McGlohn and Brian Gould of Berkadia DC Metro Mortgage Banking represented the borrower and arranged the financing. Along with the acquisition, the Ease loan will fund a $3.2 million capex program to renovate 155 units and make upgrades throughout the community.
Dove Landing Apartments offers 12 buildings totaling 240,880 square feet situated on 16.7 acres in the Hampton Roads MSA – which comprises Virginia Beach–Norfolk–Newport News, VA. At the time of purchase, 71 units at the property had been updated, and the business plan includes impactful to-be-performed renovations on the remaining units. And within the community, capital improvements will include repairs to parking lots, upgrades to landscaping and common areas, including the pool area and playgrounds, and repairs to building exteriors, including roofing, gutters, brickwork, painting, and siding.
The residents of Dove Landing Apartments enjoy proximity to the Virginia Beach Oceanfront, Virginia Aquarium, Virginia Beach Town Center, Marine Science Center and Norfolk International Airport. And the property connects with I-264, I-64 is 2.9 miles to the west, and Independence Boulevard (Route 225) is 2.4 miles to the southeast.
KEY QUOTES:
“We are excited to provide financing to the experienced team at CIG for their acquisition of Dove Landing Apartments. In a dynamic environment, Ease was able to tailor a flexible financing solution to support CIG’s business plan to acquire and upgrade a quality multifamily asset in a growing market with strong fundamentals.”
– Charlie Oshman, Co-Founder of Ease Capital
“We are proud to add Dove Landing to our quickly expanding portfolio of multifamily properties within the Southeast. Ease was able to structure an accretive and thoughtful financing solution that provided for our purchase, improvement and transformation of this well-positioned community.”
– Brad Newton, Community Executive Officer of CIG
