Newmark Knight Frank (NKF) Multifamily Capital Markets announces the $16 million sale and $12 million Fannie Mae acquisition financing of Mayfair Apartments, located in Virginia Beach, VA. The sale of the garden-style apartment complex was led by Senior Managing Director Wink Ewing, Executive Managing Director Mike Marshall and Associate Carter Wood, while financing was spearheaded by Executive Managing Director Brian Kochan and Vice Chairman Adam Randall. Randall worked on behalf of repeat agency client Cohen Investment Group, while Kochan worked with Cohen’s JV partner, Fundamental Partners.
Built in 1972 and comprised of 196 units, Mayfair Apartments offers one-, two-, three-, and four-bedroom floor plans. Apartments include central air conditioning, a fully equipped kitchen, plush wall-to-wall carpeting, and private patios and balconies. The pet-friendly community includes a pool, on-site laundry, lush landscaping, a playground, plus proximity to shopping, restaurants, the award winning Kempsville School District and easy access to the beach. The community will soon launch a new clubhouse, fitness center and business center.
Cohen intends to make interior and exterior improvements throughout the community. In-unit upgrades are to include new appliances, countertops, cabinets, hardware, flooring and bathroom vanities.
“The transaction was a great team effort between NKF’s Multifamily Capital Markets group and the borrower,” said Randall. “The deal demonstrated how the investment sales and debt platforms within NKF work seamlessly to execute successfully on behalf of our clients.”
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
