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Concordia Properties Acquires Multifamily Property In Norfolk, VA For $13.6M Loan

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FINANCED
$13,600,000

Virginia

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MultiFamily114,300 SF
Financed 04/11/2022
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Property Image
FINANCED

Concordia Properties Acquires Multifamily Property In Norfolk, VA For $13.6M Loan

7004 North Gate Dr, Norfolk, Virginia 23513, United States

See Similar Deals
MultiFamily114,300 SF
Financed 04/11/2022
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Summary

VIRGINIA
Asset Type:MultiFamily
Price Per Square Foot:$119
Total Square Footage:114,300 SF
Transaction Type:Loan

The multifamily property located at 7004 Northgate Dr. in Norfolk, VA has been involved in a closed transaction. The property has a square footage of 114,300 and is owned by Concordia Properties. The transaction was facilitated by broker Steven Vegh from Westwood Realty Associates. The loan obtained for this transaction was a bridge loan with an amount of $13,600,000.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $13,600,000
  • Address: 7004 Northgate Dr., Norfolk, VA
  • Market: Norfolk, VA
  • Asset Type: Multifamily
  • Square Footage: 114,300
  • Landlord: Concordia Properties
  • Broker: Steven Vegh - Westwood Realty Associates
  • Loan Type: Bridge

The involvement of Steven Vegh from Westwood Realty Associates as the broker represents the parties in the transaction. This transaction took place on 04/11/2022.

Players

Steven Vegh
Westwood Realty Associates
Steven Vegh
68 deals$2.5B volume(917) 715-8259
BROKER
Steven Vegh
Westwood Realty Associates
Steven Vegh
68 deals$2.5B volume(917) 715-8259
BROKER
CP
Concordia Properties
LANDLORD

Details

FINANCED
IMAGE: Steven Vegh DATE: 04/11/2022 ADDRESS: 7004 Northgate Dr. MARKET: Norfolk, VA ASSET TYPE: Multifamily ~ SF: 114,300 LANDLORD: Concordia Properties BROKER: Steven Vegh (@StevenVegh) - Westwood Realty Associates LOAN AMOUNT: $13,600,000 LOAN TYPE: Bridge

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$13,600,000.00

Monthly NOI$90,666.67
Monthly Debt Service$85,961.25
Change in Cash Flow$0.00
Refinance Proceeds$0.00