Updated May 24, 2026
North Beacon Capital Secures $71.5 Million Freddie Mac Loan For 245-Unit Current Midtown Apartments
221 Monticello Avenue
$71,500,000
Units
245
Asset Type
MultiFamily
Closing
May 20, 2026
About this deal
AI
The asset involved in this transaction is a multi-family property located at 221 Monticello Avenue in Williamsburg, Virginia, consisting of 245 units geared towards student housing. The loan amount arranged to finance this acquisition is $71,500,000, facilitated by Freddie Mac.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $71,500,000
- Loan Type: Acquisition
- Address: 221 Monticello Avenue
- Market: Williamsburg, VA
- Units: 245
- Lender: Freddie Mac
- Brokers: Greg Krafcik - Walker & Dunlop
This acquisition was orchestrated by North Beacon Capital, with financing put in place through the efforts of Walker & Dunlop, which successfully arranged a $71.5 million loan from Freddie Mac specifically for this transaction.
Players
Williamsburg MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93