Cedarfield Receives $5M in Financing

PORTSMOUTH, VA-A refinancing package to the tune of $5.2 million has been put in place for the Cedarfield at Churchland Apartments, a 118-unit property consisting of townhomes and garden-style structures. Real estate investment banking firm John B. Levy & Co. Inc. made the 10-year term loan for the borrower, who goes unnamed by JBL and in the ownership category of property records for the City of Portsmouth.

Development of Cedarfield began in 1969 and concluded in 1973, leaving the eight-acre property with 17 structures containing both townhome units and garden-style apartments. The property sits in the Hampton Roads area not far from I-664. “This market, which has averaged less than 4% vacancy over the past five years, is exceptionally strong,” says JBL principal Andrew Little. “The refinancing was arranged very rapidly, which is indicative of the continued strength of the market for multifamily.” There is a 25-year amortization on the loan, which was priced at 5.27%.