Northmarq completes refinance of $27 million for Element at Ghent in Norfolk, Virginia

RICHMOND, VIRGINIA (May 31, 2022) – Keith Wells, Reina Mazicioglu, and Hunter Wood of Northmarq’s Richmond debt/equity team, finalized the $27 million refinance of Element at Ghent. The 164-unit/5-story multifamily property (built in 2015) is located at 111 East 18th Street, Norfolk, Virginia. The permanent-fixed loan was structured with a 10-year interest only term followed by a 30-year amortization schedule. Northmarq secured the financing through a correspondent life company.

The Class A, highly rated, Element at Ghent is located just northeast of Downtown Norfolk. Walking distance from downtown, residents are in within minutes of three shopping centers: Monticello Plaza (0.3 miles), Twenty First Street Pavilion (0.4 miles), and The Palace Shops (0.4 miles). There are five parks within 6.6 miles of the property. Tenants benefit from close proximity to surrounding education, employment, and attraction opportunities.

Community amenities include: Landscaped courtyards, saltwater swimming pool with sundeck and firepit, bicycle storage, 24-hour fitness center, rooftop deck with city view, game room, package service, elevator, arranged social activities, pet care center, on-site storage, emergency maintenance, valet trash service, and gated garage.

Apartment amenities include: Flexible pet friendly layout options, in-unit washer and dryer, dishwasher, disposal, ice maker, gourmet kitchen with granite countertops, stainless steel appliances, spacious pantry, walk-in closets, private balcony/deck, pool views, tiled bathroom floor, and large windows.