Concordia Properties, a landlord in Hampton, Virginia, recently secured a bridge loan for their multifamily property located at 1601 Penwood Dr. The property spans approximately 200,000 square feet and was listed by Steven Vegh from Westwood Realty Associates.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $23,460,000
• Loan Type: Bridge

This loan, amounting to $23,460,000, will assist Concordia Properties in their real estate endeavors. The bridge loan provides a temporary financing solution to bridge the gap between the purchase of the property and securing a long-term loan. This financial arrangement allows the landlord to take advantage of investment opportunities while having the flexibility to explore future financing options.