Greysteel Closes Sale and Financing of Sherwood Forest Multifamily Property in Norfolk, VA
Greysteel has announced the successful sale and financing of Sherwood Forest, a 173-unit multifamily community located at 2803 Early Street in Norfolk, Virginia.
Otto Snell, Director at Greysteel, exclusively represented the seller in the transaction, while Jack Whitman contributed to securing financing for the buyer. “The sale of Sherwood Forest demonstrates how our team’s collaborative nature delivers exceptional results for our clients by not only securing an ideal buyer but also finding a tailored debt solution to ensure the buyer can execute,” said Snell.
The transaction achieved a 5.25% Year 1 Net Operating Income (NOI) cap rate. As part of the deal, Greysteel arranged a $15.97 million conventional loan. The financing package includes an 80% loan-to-cost ratio, a fixed interest rate, two years of interest-only payments, and no prepayment penalty. It also provides future funding for capital improvements, adding to the property’s long-term investment value.
Originally built in 1965, Sherwood Forest offers convenient access to major transportation routes and is surrounded by a variety of dining, retail, and entertainment options.
