Hampton apartment complex to be financed with $22 million VHDA loan
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Yorktown’s The Whitmore Co. closed a $21.9 million Virginia Housing Development Authority loan for a $25 million, 162-residence apartment complex under construction on South Mallory Street in Hampton’s Phoebus neighborhood.
Monroe Gates Apartments is being built by Whitmore, which will also manage the complex, on five vacant acres where a manufacturing facility for computer chips once stood. Whitmore broke ground in July, and the project is expected to be finished by the end of 2020.
Cleveland-based Bellwether Enterprise Real Estate Capital LLC, a subsidiary of Enterprise Community Investment Inc., handled the VHDA deal, which it announced Monday.
The new residences will include eight two-story town houses, four carriage-home units, and 150 one- and two-bedroom apartments in five three-story buildings. There also will be a gate with controlled access and 27 private garages for lease, plus a clubhouse with a fitness center, media room, conference facilities, a dog park and a pool.
Bellwether estimates that at least 20% of the homes will be priced as affordable housing based on area median income.