A joint venture between Brick Lane and Red Starr Investments secured $18.7m in acquisition financing for a multifamily property in Newport News. Meadow View Townhomes is a 400-unit garden-style apartment community covering 77 buildings. Renovated in 2017, the complex is a short distance from Langley Air Force Base, the Newport News Shipyard and the Coliseum Central commercial corridor. Holliday Fenoglio Fowler secured a 10-year, fixed-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac multifamily approved seller/servicer for conventional loans.
“This is Brick Lane’s fourth acquisition — and its first with Red Starr — in the Tide Water market in the last five months, and this continues to build on their platform within the market of creating value within the workforce housing segment,” said Jamie Leachman, senior director at HFF.
