$44 MILLION CONSTRUCTION LOAN OBTAINED FOR HOUSING PROJECT

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NORFOLK, VA. — Norfolk Housing has obtained a $44 million construction loan for its 307-unit The District at ODU student housing facility, which is slated for completion in June. Located near Old Dominion University and East Virginia Medical School in Norfolk, the four-story property will house 909 students. Amenities include a swimming pool, a fitness center and a computer lab. The loan carries an interest rate of less than 4 percent and will convert to a 10-year mortgage with an interest rate of less than 7 percent when construction is complete. Philadelphia-based NAI Bluestone Real Estate Capital arranged the loan.

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