Brick Lane Expands Richmond Presence With $25M Buy

Brick Lane has acquired Falling Creek Apartments, a 348-unit community in the North Chesterfield area of Richmond, for $25 million from BAF Associates.

HFF secured joint venture equity and debt financing for the transaction, totaling $26 million. National Property REIT Corp. (NPRC) provided $6.7 million in joint venture equity, while Freddie Mac provided a $19.3 million, 12-year fixed-rate loan through its CME Program.

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HFF ANNOUNCES ACQUISITION FINANCING TOTALING $26.031M FOR FALLING CREEK APARTMENTS IN THE RICHMOND MSA

Holliday Fenoglio Fowler, L.P. (HFF) announces joint venture equity and debt financing totaling $26.031 million for the acquisition of Falling Creek Apartments, a 348-unit apartment community in the North Chesterfield submarket of Richmond, Virginia. “Falling Creek aligns with the core strategy of both Brick Lane and NPRC, both of which seek well-located properties that can benefit from institutional ownership and operations,” Leachman said. “It was a privilege to bring together both groups and assist in their continued success.”

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Brick Lane Secures Financing for Northlake Townhomes in South Carolina

HFF worked on behalf of the borrower, Brick Lane, to secure the $5.25 million, 10-year, fixed-rate acquisition loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Freddie Mac has provided financing for 786 units with Brick Lane during the last two years.

 

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Greysteel Arranges the Sale of a 104-unit Multifamily Portfolio Located in Norfolk, VA for $7.625M

Greysteel, a national commercial real estate investment services firm, has arranged the sale of the Norfolk Ocean View Portfolio, a 104-unit, nine property multifamily portfolio located in the Ocean View neighborhood of Norfolk, Virginia. Greysteel Director Rawles M. Wilcox and Investment Associate Jared Emery from the firm’s Norfolk, VA office negotiated the $7.625M transaction on behalf of the seller Boardwalk Realty & Development and the out-of-state buyer, Brick Lane Real Estate.

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HFF Announces $18.754M Financing for 400-Unit Apartment Community in Newport News, VA

HFF worked on behalf of the borrower, Brick Lane and Red Starr Investments, to secure the 10-year, fixed-rate acquisition loan through Freddie Mac’s CME Program.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. 

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Historic helicopter factory sets record with $2.3M residential unit sale

The Helicopter Factory just set a record. A unit in the historic Pleasant Plains building at 770-774 Girard St. NW went for $2.3 million in a deal announced Tuesday, the most expensive to close for the project and the highest price in the neighborhood’s history.

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Unit 7W appraised and closed today at $2,300,000

Today, Lead Developer Brick Lane and partner, Brook Rose Development confirmed the sale of Unit 7W in the Warehouse portion of The Helicopter Factory.  The Helicopter Factory is a 28,000 SF two-pronged residential development comprised of a 7,600 SF warehouse converted to two (5,100 SF and 2,500 SF) residences and 13 industrial-style luxury condominiums at 770-774 Girard Street, in NW Washington. Unit 7W appraised and closed today at $2,300,000.  

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$2.3M Columbia Heights condo sets neighborhood record

Columbia Heights has been one of the District’s hottest post-recession residential real estate markets, and the sale of a Girard Street condo just set a record for the neighborhood — by a long shot.Unit 7W, a 4,700-square-foot condo at the redeveloped The Helicopter Factory, has closed for $2.3 million, according to developer Brick Lane and partner Brook Rose Development.

 

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