Updated Mar 4, 2026
Concordia Properties Acquires Multifamily Property In Norfolk, VA For $13.6M Loan
7004 North Gate Dr, Norfolk, Virginia 23513, United States
$13,600,000
$119/SF
Building Size
114,300 SF
Asset Type
MultiFamily
Closing
Apr 10, 2022
About this deal
AI
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
Norfolk 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
1.17%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93