$15M in Financing Set for Park Crescent Apartments

NORFOLK, VA- Long-term permanent financing to the tune of $15 million has been put in place for Park Crescent Apartments here, courtesy of real estate investment banking firm John B. Levy & Co. Inc. Property owner Park Crescent Associates, a local limited partnership, was able to attain a permanent 10-year term mortgage amortizing over 25 years on the luxury complex.

Park Crescent is a 7-year-old residential property with 288 garden-style units spread out over a little more than 20 acres. "The Norfolk apartment market has continued to perform very well, despite softening in most of the top 50 markets in the country," John B. Levy's Andrew Little explains to GlobeSt.com. "In fact, it is one of only a few markets in the country that Moody's rates green in its red-yellow-green market analysis."

But the Richmond, VA-based investment banking company relied on more than market conditions to make its decision. "The property is owned by a fantastic sponsor that knows how to maintain and lease apartment properties," Little says. "And, finally the underwriting was solid."