Updated Oct 12, 2026
Samantha Cullen Of Vitus Secures $97.8 Million Loan For Stuart Gardens Multifamily Renovation In Newport News
1326 Garden Drive
$97,800,000
Units
491
Asset Type
MultiFamily
Closing
Oct 8, 2026
About this deal
AI
The property asset involved in the transaction is a multifamily housing development known as Stuart Gardens, located at 1326 Garden Drive in Newport News, Virginia. This affordable housing complex comprises a total of 491 units and has received a loan amount of $97,800,000 for its rehabilitation. The financing is part of a permanent loan structure which includes significant financial backing from federal programs.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $97,800,000
- Loan Type: Permanent
- Lender: Merchants Bank & HUD
- Landlord: Samantha Cullen - Vitus
- Broker: Merchants Capital
- Funding Structure: $62.8 million in HUD permanent financing and $35 million in equity bridge loans
- Renovation Start Date: August 2026
- Expected Renovation Completion: January 2028
This transaction involves key figures including Samantha Cullen, representing Vitus as the landlord in the deal. Merchants Capital acted as the broker, facilitating the financing for the rehabilitation project aimed at enhancing this historic property within the Newport News market.
On the Map
$97,800,000
MultiFamily
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Rapid River MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93