NEW YORK--(BUSINESS WIRE)--Ease Capital (“Ease”) has provided Community Investment Group (“CIG”) with $32 million in acquisition financing for the purchase and renovation of Dove Landing Apartments, a 318-unit garden-style multifamily complex located in Virginia Beach, VA.
Ease Capital’s Barclay Lynch, Head of Loan Originations, originated and structured the three-year, full-term interest-only, non-recourse debt. Patrick McGlohn and Brian Gould of Berkadia DC Metro mortgage banking represented the borrower and arranged the financing. In addition to the acquisition, the Ease loan will fund a $3.2 million capex program to renovate 155 units and make upgrades throughout the community.
“We are excited to provide financing to the experienced team at CIG for their acquisition of Dove Landing Apartments,” said Charlie Oshman, Co-Founder of Ease Capital. “In a dynamic environment, Ease was able to tailor a flexible financing solution to support CIG’s business plan to acquire and upgrade a quality multifamily asset in a growing market with strong fundamentals.”
“We are proud to add Dove Landing to our quickly expanding portfolio of multifamily properties within the Southeast,” said Brad Newton, Community Executive Officer of CIG. “Ease was able to structure an accretive and thoughtful financing solution that provided for our purchase, improvement and transformation of this well-positioned community.”
Dove Landing Apartments features 12-buildings totaling 240,880 square feet situated on 16.7 acres in the Hampton Roads MSA, which comprises Virginia Beach–Norfolk–Newport News, VA. At the time of purchase, 71 units at the property had been updated and the business plan includes impactful to-be-performed renovations on the remaining units. Within the community, capital improvements will include repairs to parking lots, upgrades to landscaping and common areas, including the pool area and playgrounds, as well as repairs to building exteriors including roofing, gutters, brick work, painting and siding.
Residents of Dove Landing Apartments enjoy close proximity to the Virginia Beach Oceanfront, Virginia Aquarium, Virginia Beach Town Center, Marine Science Center and Norfolk International Airport. Additionally, the property connects with I-264, I-64 is 2.9 miles to the west, and Independence Boulevard (Route 225) is 2.4 miles to the southeast.
About Ease Capital:
Ease Capital is a technology-enabled commercial mortgage lender that provides the simplest way to finance multifamily real estate. Ease provides borrowers flexible financing solutions from $5 million to $50+ million on multifamily and mixed-use multifamily assets across the country. Founded by an experienced team with decades of real-estate lending, data and technology expertise, Ease is vertically integrated with hands-on asset management. Ease offers a range of floating rate loan products including bridge, bridge-to-permanent, and floating-rate permanent financing solutions for stabilized or near stabilized assets. Backed by leading institutional investors, Ease’s mission is to make real estate ownership more accessible. For more information, please visit www.easecapital.io.
About Community Investment Group:
Community Investment Group (CIG), is THE Community Transformation Company. We are a thriving faith-based real estate holding company headquartered in Chesapeake, VA that is composed of a team of diversely experienced believers passionately pursuing the same goal of transforming the Communities we serve. The result is the strategic execution of projects from Virginia down to Georgia and west to Tennessee.
We take pride in our vertically integrated team, which includes professionals in property management, construction, accounting, and acquisitions. This full integration allows us to operate at a speed and quality beyond market expectations or standards.
“Investing with a Purpose”- is simply what we do, as we are a double-bottom-line Company, that invests back into the lives of the Residents and the Communities we serve through our Community Connections Non-Profit Organization.
We are focused on establishing the most Community-centric portfolio around the properties we own, as we want to serve the Community we call home. We started in the seven cities that make up Hampton Roads and continue to grow into new states. We share some of the details from that journey on our website under the News section. For more information, please visit our website: https://CommunityIG.com.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
