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JAMES RIVER FLATS
400 Shelter Cir, Richmond VA
Project Summary
Site Photos
Site Exterior
Alternative Exterior
In-Place Financing Summary
Current Senior Lender
Newport News Redevelopment &
Housing Authority Tax Exempt
Bonds
Closing Strategy:
Balance as of 12/31/2024
6,110,000
$
Estimated Balance at 8/31/2026
-
$
Maturity Date
12/1/2053
Standard proposes to acquire a 100% fee simple interest in James River Flats, a 100-unit multifamily property located in Newport News, VA, to
preserve and operate the asset as Section 8 housing under an existing Housing Assistance Payments (HAP) contract administered by the United
States Department of Housing and Urban Development. The acquisition supports the continued ownership and operation of the asset in
accordance with governing documents. The property will continue serving eligible households with rental assistance supported through the HAP
contract, and the contemplated acquisition is intended to maintain long-term affordability, ensure ongoing regulatory compliance, and uphold
resident services and physical condition standards. Following closing, Standard will preserve in-place asset management and maintain resident
and physical condition standards.
Standard plans on defeasing in-place financing and refinancing.
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