Glen Allen, VA
The Verve Apartments
$86m
Size
298 units
Units
Glen Allen, VA
Market
- Property: 298-unit Class A luxury multifamily property in Richmond, VA
- Deal done in 28 business days from executed term sheet to closing
- Debt: $57M loan from a regional bank, priced competitively through the construction, lease-up, and stabilization periods
- Equity: $15M Preferred Equity from an institutional investor, fully-accruing/no reserves, up to 85% of the capital stack, co-terminus with senior lender
- JBLco partners invested cash equity (not fees) shoulder-to-shoulder with the Sponsor
We're excited to announce the successful closing of an $86 million capital stack for the construction of 298 luxury apartment units in the booming Innsbrook submarket of Richmond, VA. This successful deal was made possible through a diverse capital structure, bringing together a powerful mix of debt and equity partners.
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