Ease Capital has recently provided $32 million in acquisition financing to Community Investment Group (CIG) for the purchase and renovation of Dove Landing Apartments, a 318-unit multifamily complex located in Virginia Beach, VA. This three-year, full-term interest-only debt is non-recourse and will not only support the acquisition but also fund a $3.2 million capital expenditure program to renovate 155 units and make upgrades throughout the community.
Dove Landing Apartments boasts 12 buildings situated on a spacious 16.7 acres within the highly sought-after Hampton Roads metropolitan statistical area. According to Charlie Oshman, co-founder of Ease Capital, “We are thrilled to provide financing for CIG’s experienced team as they acquire Dove Landing Apartments.” He further adds that despite an ever-changing market landscape, Ease was able to customize a flexible financing solution that aligns with CIG’s business plan of acquiring and upgrading this high-quality multifamily asset in an expanding market with strong fundamentals.
The property mentioned above serves as another successful venture by Ease Capital without mentioning any specific location or company names.
