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NORFOLK, VA. — Greysteel has brokered the sale of Sherwood Forest, a 173-unit apartment community located at 2803 Early St. in Norfolk. Otto Snell of Greysteel represented the seller in the transaction. The buyer, seller and sales price were not disclosed.
Jack Whitman of Greysteel arranged a $16 million acquisition loan through an undisclosed credit union that was underwritten with a fixed interest rate, 80 percent loan-to-value ratio, two years of interest-only payments and no prepayment penalty. The loan includes funds for property improvements at Sherwood Forest, which was originally delivered in 1965.