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NEWPORT HARBOUR
2325 Madison Ave, Newport News, VA
Project Summary
Site Photos
Site Exterior
Sample Interior
In-Place Financing Summary
Current Senior Lender
HUD 221(d)(4)
Closing Strategy:
Balance as of 12/31/2024
19,615,045
$
Estimated Balance at 8/31/2026
19,084,036
$
Maturity Date
10/1/2060
Standard proposes to acquire a 0.01% general partner interest in Harbour-Newport News Limited Partnership, the entity that owns Newport
Harbour, a 200-unit multifamily property located in Newport News, VA. The acquisition supports the continued ownership and operation of the
asset in accordance with governing documents. The property is currently operated as affordable housing under a Section 8 Housing Assistance
Payments (HAP) contract administered by Navigate Affordable Housing Partners. The contemplated GP interest purchase is intended to maintain
affordability and compliance status, preserve in-place asset management, and uphold resident services and physical condition standards.
Standard plans on assuming in-place financing given the GP
transfer status of the deal.
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