CBRE|Hampton secures $42.9 million in financing for five Virginia Beach apartment properties
CBRE|Hampton Roads has arranged $42.9 million in long-term, fixed-rate financing for five multifamily complexes in Virginia Beach and Chesapeake.
The properties, owned by Clark Whitehill Enterprises, were part of a recapitalization of its Hampton Roads multifamily portfolio. They included Windsor Lake Apartments, South Lake Apartments, Shoreline Apartments in Virginia Beach and Greenbrier Woods Apartments Phases I and II in Chesapeake.
Clark Whitehill has been in the industry since 1958, initially as a land-developer and single-family homebuilder. By the mid-1970s, it began developing multifamily communities. Today, Clark Whitehill owns and manages about 1,500 units across a portfolio of eight communities in Virginia Beach and Chesapeake.
John C. Richards Jr., vice president of CBRE Capital Markets’ Debt & Equity Finance group, arranged the financing with one of his correspondent life insurance lenders.