![\"\"](\"http:\/\/www.valuexpress.com\/wp-content\/uploads\/2018\/11\/Castaways-Apts-Norfolk-VA.jpg\")
ValueXpress has arranged a $3,550,000 Fannie Mae CMBS conduit loan for the purchase of a portfolio of six small apartment buildings located in Norfolk, Virginia. The loan represented 80% of the $4,437,500 purchase price. The properties are known as Castaways, Fisherman\u2019s, Havana Beach, Blue Marlin, Neptune\u2019s Walk and Tradewinds. The properties are named and decorated in a \u201cbeach\u201d theme reflecting their location near Norfolk Beach.<\/p>\n
\u201cWe have a long history with this transaction,\u201d commented Michael Sneden, Executive Vice President at ValueXpress. \u201cWe secured a Fannie Mae commitment in 2013 to refinance the portfolio, but the owner elected not to close and rather pursued a sale. We supported the decision and turned our sights toward providing financing for a buyer.\u201d<\/p>\n
In 2015, the property was placed under contract and ValueXpress secured a Fannie Mae commitment to finance 80% of the purchase price. However, the buyer was unable to raise the purchase equity and cancelled the contract at the expiration of the due diligence period.<\/p>\n
An alternative buyer was secured in 2017 and ValueXpress obtained a third Fannie Mae commitment to finance the purchase. The closing was delayed because it took four months to remove a lien on the property. The lien holder refused to release the lien until ordered by a judge to do so.<\/p>\n
\u201cThis transaction was one of the longest to close in my career, but we stood with the seller during the entire five-year period to make sure the result was as expected, and we earned a new client in the buyer through the process,\u201d said Sneden.<\/p>\n","protected":false},"excerpt":{"rendered":"
ValueXpress has arranged a $3,550,000 Fannie Mae CMBS conduit loan for the purchase of a portfolio of six small apartment buildings located in Norfolk, Virginia. The loan represented 80% of the $4,437,500 purchase price. The properties are known as Castaways, Fisherman\u2019s, Havana Beach, Blue Marlin, Neptune\u2019s Walk and Tradewinds. The properties are named and decorated […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"yoast_head":"\n