Cushman & Wakefield Closes $35.5MM in Financing for Richmond Multifamily Asset

Funds will be used to reposition the asset in the Richmond housing market
WASHINGTON, DC, January 18, 2018 – Cushman & Wakefield announced today that its Equity, Debt and Structured Finance group has secured acquisition financing for Crystal Lakes, a 716-unit townhome and apartment community located in Richmond, VA.

Cushman & Wakefield’s and John Campanella represented the buyer who sought a floating rate loan structured for repositioning of the asset.

“We received an incredible amount of investor interest given the size and complexity of the transaction,” said John Campanella, the broker that took the lead on the financing. “These funds will allow the owner to reposition the property and attract a solid tenancy looking to call the Greater Richmond Region home.”

Built between 1967 and 1973, Crystal Lakes is one of the largest communities in the Richmond Metropolitan area. The property, which was purchased by Emet Capital Management, is located in desirable Chesterfield County with direct access to Chippenham Parkway, and 15 minutes from the Richmond CBD. Chesterfield Towne Center is located 23 minutes from Crystal Lakes, and only 20 minutes from the Commonwealth Center both boasting a number popular retail amenities and restaurants. A 150,000 SF Costco is located just behind the Towne Center providing an additional large retail amenity within a short drive.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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For Further Information Contact:
Alexsis Davis
+1 202 266 1318
alexsis.davis@cushwake.com
2018-02-01T13:16:24+00:00 February 1st, 2018|In the News, Press Release|