**Newmark Arranges $102M Sale and Financing of Virginia Beach Multifamily Property**
Newmark has successfully arranged the $102 million sale and acquisition financing of Latitudes Apartments, a 448-unit multifamily community located in Virginia Beach, Virginia.
Leading the transaction on behalf of the seller, Heritage Capital Group, were Newmark’s President of Capital Markets Strategies Anthony Orso, Senior Managing Director of Multifamily Capital Markets Garrison Gore, and Executive Managing Directors Victoria Pickett and Charles Wentworth. This deal represents the largest single-asset multifamily sale in the history of the Hampton Roads region.
Newmark’s Multifamily Debt, Equity & Structured Finance group—led by Executive Managing Director Henry Stimler and Directors Ricky Warner and John Chobanian—secured $71.4 million in acquisition financing for the buyer, Briar Capital Management LLC. The loan was provided by Freddie Mac.
Originally constructed in 1989, Latitudes Apartments is currently 94% occupied. The property includes a mix of one-, two-, and three-bedroom units. Recent renovations totaling $2.7 million have enhanced the community, adding upgrades to both individual residences and shared amenities such as a clubhouse, swimming pool, and fitness and recreation areas.
