Marathon Development Group Acquires Development Site In Norfolk For $56.2M Loan

The development site located at 400 Waterside Drive in Norfolk, Virginia has recently secured a construction loan of $56,200,000. The loan type is a 40-year HUD 221(d)(4) loan with an interest rate of 2.68 percent and an 85 percent loan-to-cost ratio. This loan will provide the necessary funds for the development of the property.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $56,200,000
• Address: 400 Waterside Drive, Norfolk, VA
• Market: Norfolk, VA

Marathon Development Group, the landlord of the property, facilitated this transaction. The broker representing Marathon Development Group in the deal is Amy Gay from Berkadia. With their expertise and negotiation skills, Amy Gay played a crucial role in ensuring the successful securing of the construction loan. This loan will allow Marathon Development Group to move forward with their plans for the development of the site.