Merchants Capital announces $97.8 million financing for Stuart Gardens rehabilitation in Newport News
The financing comprises $62.8 million in HUD 221(d)(4) permanent financing and $35 million in equity bridge loans, Connect CRE reports.
At a glance
Merchants Capital announced $97.8 million in financing for the rehabilitation of Stuart Gardens, a 491-unit affordable multifamily property in Newport News, Virginia, according to Connect CRE.
The financing comprises $62.8 million in HUD 221(d)(4) permanent financing and $35 million in equity bridge loans.
Connect CRE names Vitus Group as the developer and describes Stuart Gardens as a two-phase property.
Merchants Capital announced $97.8 million in financing for the rehabilitation of Stuart Gardens, a 491-unit affordable multifamily property in Newport News, Virginia, according to Connect CRE.
The financing comprises $62.8 million in HUD 221(d)(4) permanent financing and $35 million in equity bridge loans.
Connect CRE names Vitus Group as the developer and describes Stuart Gardens as a two-phase property.
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