Greysteel, a leading real estate investment services firm, announced the successful sale and debt financing of Pelham Place, a 74-unit multifamily property located at 521 Boissevain Avenue, in Norfolk’s historic Ghent neighborhood.
Built in 1906 and listed in the National Historic Registry, Pelham Place presented unique challenges due to its age and historical designation. Greysteel’s investment sales team, led by Otto Snell, executed a targeted marketing strategy that generated six competitive offers within a condensed marketing period, ultimately securing a buyer who recognized the property’s potential for value-add renovations.
“This was a well-known and historic asset in Norfolk, but its age and condition required a specialized approach to attract the right buyer,” said Otto Snell, Director at Greysteel. “By highlighting the property’s untapped potential and leveraging its prime location, we were able to deliver a strong outcome for our client within their tight timeline.”
To support the buyer’s value-add business plan, Greysteel’s debt team, led by Jack Whitman, secured a creative financing solution. The fixed-rate term loan provided 80% leverage on the total cost, including acquisition, capital expenditures, and closing costs. Key terms included a 6.9% fixed interest rate, 18 months of interest-only payments, and a 30-year amortization schedule.
“The financing for Pelham Place was instrumental in making this transaction successful,” said Jack Whitman, Senior Associate at Greysteel. “We worked closely with the buyer to structure a loan that not only supported their renovation plans but also allowed them to offer a higher purchase price. This type of high-leverage, fixed-rate financing is rare in today’s market and demonstrates our ability to deliver tailored solutions for our clients.”
Pelham Place’s location in Norfolk’s Ghent neighborhood, known for its historic charm, walkability, and proximity to cultural landmarks, further enhanced its appeal. The property’s potential for significant rental growth through renovations positioned it as a highly desirable investment opportunity.
This transaction highlights Greysteel’s ability to serve the entire capital event, from investment sales to debt placement. By seamlessly integrating these services, Greysteel delivered a comprehensive solution that met the unique needs of both the seller and buyer, ensuring a smooth and efficient transaction.
