Ridgewood Club is a three-decade-old property that occupies an 11-acre parcel in the Hampton Roads area, within close proximity to the 17-block Town Center of Virginia Beach mixed-use project that is currently in development. "For this transaction, the borrower needed a creative approach to acquire and partially renovate this property," GMACCM's Arthur T. Gormley III says. "VHDA provided a loan that featured a 30-year amortization. Additionally, they allowed value to be based on future rents. This permitted the borrower to structure a winning offer to purchase the asset."
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