The financing comprises $62.8 million in HUD 221(d)(4) permanent financing and $35 million in equity bridge loans, Connect CRE reports.
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.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections
House appropriators passed the fiscal 2027 bill before enactment, so many programs may not get funding until fiscal 2028 at the earliest.
Permits ran at a 503,000 annualized rate against 349,000 in starts, a gap Leaselock economist Greg Willett links to financing costs.
The 46-story Midtown project is 56% pre-leased and has $1.2 billion in construction financing, Commercial Observer reported.
The loan covers the 180-room hotel across from Princeton University that opened in 2024.
The pre-stabilization bridge refinances a $20.5 million Amboy Bank construction loan and returns equity to PEEK Capital during leasing.
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