Newmark Knight Frank (NKF) announces the $57.6 million refinancing of Coastline Apartments, a 600-unit multifamily community in Virginia Beach, VA. NKF Multifamily Capital Markets Managing Director George Wisecarver and Vice Chairman Steven Leitch arranged the Freddie Mac financing on behalf of Blackfin Real Estate Investors (Blackfin) and their equity partner, GMF Capital, both repeat NKF and Freddie Mac clients.

“Blackfin purchased the property in February 2019, and after significant property upgrades, they were able to successfully increase occupancy and rents. This was a tremendous value-add over a very short period,” said Wisecarver. “Going forward, they intend to continue property renovations and unit upgrades.”

Constructed in 1970 and renovated in 2016 and 2020, Coastline Apartments is a two-story, 34-building community. It consists of one-, two- and three-bedroom floorplans offering remodeled kitchens, washer and dryer, walk-in closets, crown molding and a private balcony or screened-in patio. Community amenities include a clubhouse, swimming pool with sundeck, multiple playgrounds, a dog park and 24-hour emergency maintenance.

Located at 631 Lake Edward Drive, Coastline Apartments is centrally located within Virginia Beach and is minutes from the town center, offering numerous shopping and dining options. Tenants enjoy easy access to interstate I-264 and I-64 and nearby public transportation. Downtown Norfolk, Portsmouth and the oceanfront are all within a 15-minute drive.

According to NKF Research, in Q2 the multifamily sector has been a top-performing property type for rent collection since the onset of COVID-19 and the only property type to exceed 90% rent collections each month since April. The sector’s total debt originations by Fannie Mae and Freddie Mac rose to $39.8 billion as the market stabilized in part due to Federal Reserve policy.