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**Greysteel Arranges Sale and Financing of Historic Norfolk Multifamily Property**
Greysteel has successfully arranged the sale and debt financing of Pelham Place, a 74-unit multifamily property located at 521 Boissevain Avenue in the historic Ghent neighborhood of Norfolk, Virginia.
The property was acquired by Lightwell Development, a firm recognized for its expertise in historic tax credit projects and successful rehabilitation work throughout the Hampton Roads region. While the sales price remains undisclosed, the transaction is notable due to the building’s age and designation. Built in 1906, Pelham Place is listed on the National Historic Registry, adding complexity to its redevelopment potential.
Led by Otto Snell, Greysteel’s investment sales team implemented a targeted marketing strategy that generated six competitive offers during a shortened campaign period. Ultimately, the team secured a buyer who recognized the opportunity for value-add renovations.
On the financing side, Greysteel’s debt team, led by Jack Whitman, structured a creative lending solution. The deal included a fixed-rate term loan covering 80% of the total cost, which incorporated the acquisition price, capital expenditures, and closing costs. The loan features include a 6.9% fixed interest rate, an 18-month interest-only period, and a 30-year amortization schedule.
This transaction underscores Greysteel’s ability to navigate the complexities of historic properties while aligning investment and financing strategies to maximize property potential.
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