February 26, 2021 9:00 AM
Newmark announces that the firm’s Multifamily Capital Markets team in Bethesda has arranged $24.4 million in FHA 221(d)(4) for Overlook at Riverside Apartments in Falling Waters, WV. The new construction, 156-unit, market-rate apartment complex will offer excellent amenities, including a clubhouse, gym, resort-style pool, fire pits, grilling station and a dog park. Newmark’s Managing Director Tom White secured the financing on behalf of ownership’s Mr. Rob Rotz and his partners.
“While the sponsorship group has significant construction experience, this was their first HUD 221(d)(4) loan,” said White. “With Newmark’s assistance, the Borrower presented a compelling case for the proposed project and HUD issued a firm commitment. We were so pleased to have been a part of this process, working in tandem with the Borrower, general contractor, architect and HUD. Despite the many challenges of working in the ‘COVID-era,’ we were able to see this one to the finish line with a very successful outcome on behalf of our client.”
“Candidly, I was a bit hesitant to pursue a HUD new construction loan,” said Rotz. “With guidance from Tom and his experienced team, we were able to navigate the HUD process and achieve a desirable closing. I look forward to a quick build and a fast lease-up.”
According to Newmark Research, the Mid-Atlantic multifamily market is well-positioned relative to its geographic peers due to the federal government’s presence. The area has a concentration of long-term federal contract and the overall workforce needs that boast many high-wage jobs in the professional and business services sector.
The Overlook is located off I-81 at Exit 23 toward Falling Waters. Residents will find a walkable neighborhood with proximity to the MARC train for access to Baltimore or Washington DC, and both cities are an hour’s drive by car. The property is located close to Martinsburg, a West Virginia Main Street Community offering fine dining, shopping and a wealth of outdoor activities.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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