Dealmaker: Ease Capital Provides $32M in Bridge Financing for Virginia Beach Multifamily

(Photo courtesy of Ease Capital)

Ease Capital, New York, provided Community Investment Group, Chesapeake, Va., with $32 million for the purchase and renovation of Dove Landing Apartments, a 318-unit garden-style multifamily community in Virginia Beach, Va.

Ease Capital Head of Loan Originations Barclay Lynch originated and structured the three-year, full-term interest-only, non-recourse debt.

Patrick McGlohn and Brian Gould of Berkadia DC Metro mortgage banking represented the borrower and arranged the financing.

Dove Landing Apartments includes 12 buildings totaling 240,880 square feet on 16.7 acres in the Hampton Roads metro, which includes Virginia Beach, Norfolk and Newport News, Va.

In addition to the acquisition, the Ease loan will fund a $3.2 million capex program to renovate 155 units and make upgrades throughout the community. At purchase, 71 units at the property had been updated and the business plan includes to-be-performed renovations on the remaining units. Within the community, capital improvements will include repairs to parking lots, upgrades to landscaping and common areas, including the pool area and playgrounds, as well as repairs to building exteriors including roofing, gutters, brick work, painting and siding.

Dove Landing Apartments is near the Virginia Beach oceanfront, Virginia Aquarium, Virginia Beach Town Center, Marine Science Center and Norfolk International Airport.