NKF Provides $57.6M Refinancing Loan for Multifamily Complex in Virginia Beach
VIRGINIA BEACH, VA. — Newmark Knight Frank (NKF) has provided a $57.6 million Freddie Mac refinancing loan for Coastline Apartments, a 600-unit multifamily complex in Virginia Beach. George Wisecarver and Steven Leitch of NKF originated the loan on behalf of the borrower, a partnership between Blackfin Real Estate Investors and GMF Capital. Terms of the loan were not disclosed. The property comprises 34 two-story buildings, which were originally developed in 1970 and renovated in 2016 and earlier this year. Coastline Apartments offers one-, two- and three-bedroom floorplans featuring remodeled kitchens, washers and dryers, walk-in closets, crown molding and private balconies or screened-in patios. Communal amenities include a clubhouse, pool, sundeck, multiple playgrounds, a dog park and 24-hour emergency maintenance. The community is located at 631 Lake Edward Drive, 13 miles west of downtown Virginia Beach.