Northmarq announces $41.5 million sale and $25.3 million financing of Nav850 in Portsmouth, Virginia

WASHINGTON D.C. (Sept. 26, 2023) — Wink Ewing, Chris Doerr, Will Harvey, Shack Stanwick and Matt Straughan of Northmarq’s Washington D.C. and Richmond Investment Sales offices collaborated to broker the sale of Nav850. The 246-unit multifamily property is located at 850 Crawford Parkway in Portsmouth, Virginia. Northmarq represented the sellers, Blackfin Real Estate Investors LLC and Capital Solutions, Inc. in the sale.

“This sale represents strong pricing during a challenging time in the capital markets.” said Ewing. “The buyers will benefit from continued organic rent growth in the submarket and have the ability to further value creation via the ongoing unit renovation program. The offering received above normal interest due to the location, quality of build and attractive basis.” 

Northmarq’s New York Metro and Richmond Debt and Equity teams of Keith Braddish, Keith Wells, Eli Levenfeld and Win Martin secured the acquisition financing of $25.3 million on behalf of the buyer, Foxfield LLC, whose acquisition team is led by Noam Kleinman and David Zemmol. The Fannie Mae permanent-fixed rate financing was structured on a five-year interest-only term. The buyer also utilized the Fannie Mae Green Rewards Program which requires property owners to commit to improvements that will lead to energy savings. The program enables the sponsor to secure additional proceeds and a more attractive interest rate.

“The client was not only afforded a very competitive loan from Fannie Mae with Green Rewards pricing, but they were also able to understand the market dynamics due to the partnership of the Northmarq IS and D + E teams,” Braddish said.

Built in 2006, Nav850 is a garden-style apartment complex located in Olde Towne Portsmouth along the Portsmouth Seawall walking path. Surrounded by popular entertainment, historic neighborhoods and local dining, the newly renovated property is in a location attractive to renters and tourists alike. Nav850 is newly renovated and contains pet-friendly, spacious layouts.

Community amenities include: On-site maintenance, on-site property management, resort-style pool, sundeck, BBQ/picnic area, fitness center, bicycle storage, amazon package lockers, bark park and detached garage parking space. Apartment amenities include: In-unit washer/dryer, granite countertops, stainless steel appliances, walk-in closets, high speed internet and private balcony/patio.

About Blackfin Real Estate Investors
Founded in August 2016 by Andrew Buchanan and Doug Root, Blackfin Real Estate Investors is focused on acquiring Class B and Class C value add and core plus apartment communities across the East Coast of the United States. Blackfin’s hands‐on asset management approach and full‐service general contracting company enable it to take an active and wholistic approach to every aspect of the investment. Blackfin’s 4 key executives have over 110 years of combined experience and complimentary skills acquiring, financing, renovating, and operating multifamily real estate. Blackfin’s portfolio currently consists of 10,000 units that represent a total asset value of over $2 Billion. The firm’s current portfolio includes assets in Suburban Maryland, Northern Virginia, Richmond, Hampton Roads, Charlotte, Raleigh‐Durham, Greensboro, Wilmington, Charleston, Orlando, Tampa, and Nashville. For more information contact 703‐778‐7641 or visit www.blackfinrei.com.