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Ease Capital Provides $32M to Acquire VA MF Property
Ease Capital has 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 in Virginia Beach, VA.
The three-year, full-term interest-only, non-recourse debt will support the acquisition and fund a $3.2 million capital expenditure program to renovate 155 units and make upgrades throughout the community. Dove Landing Apartments features 12 buildings on 16.7 acres in the Hampton Roads metropolitan statistical area.
“We are excited to provide financing to the experienced team at CIG for their acquisition of Dove Landing Apartments,” said Charlie Oshman, co-founder of Ease Capital. “In a dynamic environment, Ease was able to tailor a flexible financing solution to support CIG’s business plan to acquire and upgrade a quality multifamily asset in a growing market with strong fundamentals.”
- ◦Financing
