Newmark Arranges $102M Sale, Financing of Virginia Beach MF

Newmark has arranged the $102 million sale and financing of Latitudes Apartments, a 448-unit multifamily community located in Virginia Beach, Virginia.

Newmark Multifamily Capital Markets Senior Managing Director Garrison Gore, Executive Managing Directors Victoria Pickett and Charles Wentworth represented the seller, Heritage Capital Group, in the transaction, which marks the largest single-asset multifamily sale in Hampton Roads history.

President of Capital Markets Strategies Anthony Orso, alongside Executive Managing Director Henry Stimler and Directors Ricky Warner and John Chobanian of Newmark’s Multifamily Debt, Equity & Structured Finance group secured $71.4 million in acquisition financing on behalf of buyer Briar Capital Management LLC. Freddie Mac provided the loan.

Built in 1989, Latitudes Apartments is 94% occupied and offers a mix of one-, two- and three-bedroom units. Recent capital improvements totaling $2.7 million upgraded both residences and community amenities, including a clubhouse, pool, fitness and recreation spaces.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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