New luxury apartments coming to downtown Norfolk
$56.2M high-rise building to have 273 units
With $56.2 million in financing in place, Marathon Development Group’s Frank “Buddy” Gadams is ready to start work on “Gravity 400 Apartments,” in downtown Norfolk, Berkadia Commercial Mortgage LLC and Breeden Construction announced.
Located at 400 Waterside Drive, the 273-unit high-rise apartment tower will be have studio, one-, two-, and three-bedroom floor plans, in a six-story apartment building, with a garage and common areas on the first floor and five floors of apartments above. Convenient to MacArthur Square Station, the Elizabeth River and Interstate 264, the development will also feature a fitness center, club room, courtyard with a swimming pool, grilling stations and firepits.
Amy Gay of Berkadia secured the construction financing through a HUD 221(d)(4) loan through the Green MIP Reduction program.
Breeden Construction will be the general contractor and construction is set to begin in late November and take 22 months to complete, according to a news release from Breeden. The cost of the project is $45.8 million.