$14M Loan on 35-Acre Multifamily Community Closes

NEWPORT NEWS, VA-Acting on behalf of Newport Brookridge LLC, financial services firm GMAC Commercial Mortgage Corp. has wrapped up a permanent refinancing deal valued at $13.5 million for the Brookridge Apartments. Freddie Mac provided the funds for the fixed-rate loan on the residential compound that carries the address of 614 Peninsula Dr. Spread out among 35.5 acres off I-664, the Brookridge Apartments community consists of 553 units housed in 117 two-story cottages and townhouse style structures.

“Freddie Mac demonstrated incredible flexibility and strong pricing in structuring a loan that met the borrower’s needs,” GMACCM vice president and area branch manager Arthur T. Gormley III says. According to city records, the half-century-old property has a current assessed value of just more than $13 million. The property has vacancy rates in the area at about 2.5%, according to Real Data’s recent Norfolk-Virginia Beach-Newport News Market Update.