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comprised of MBS backed by multifamily construction or permanent loans, the minimum net worth
requirement is $1,000,000 plus 1% of the total effective multifamily outstanding obligations in excess of
$25 million up to $175 million plus 0.20 percent (20 basis points) of the total effective multifamily
outstanding obligations in excess of $175 million. The total effective multifamily outstanding obligation is
the sum of: 1) all multifamily securities outstanding, 2) available commitment authority to issue new
multifamily pools, and 3) unexpended multifamily construction draws.
General Description of the Project
The Project, known as Stuart Gardens I Apartments, is an existing 250-unit multifamily rental
housing facility located at 1358 Garden Drive, Newport News, VA 23607 (the “Project”). The Project
contains [110 one-bedroom units, 136 two-bedroom units, and 4 three-bedroom units]. The Project was
acquired by Vitus in December 2021 for a purchase price of $24,000,000. Upon closing of the Bonds,
rehabilitation of the Project will commence.
Exterior improvements will include new fiber cement siding, historically appropriate wood
windows with metal cladding, new roofs, and enhanced site and building lighting. Interior upgrades will
feature refinished historic wood flooring (or replacement where necessary), new vinyl flooring in kitchens
and bathrooms, and fully renovated kitchens and baths with new cabinets, countertops, and ENERGY
STAR® appliances. Building systems will be modernized with complete re-piping of domestic water lines
and replacement of heating and cooling systems with high-efficiency ENERGY STAR® heat pumps and
water heaters. Site enhancements will include resurfaced parking and driveways, additional exterior
lighting, repairs to trip hazards, and construction of an accessible pathway serving the 5% ADA-compliant
units.
Rehabilitation of the Project
Description of Improvements. The Borrower expects to spend approximately $122,826* per unit
on rehabilitation for the Project. Rehabilitation for the Project is expected to begin in August of 2026* and
be completed approximately 17* months later.
Contractor. The general contractor for the Project is expected to be FTK Construction Services
(the “Contractor”). The Contractor has over 25 years of experience in renovating residential multifamily
housing developments and has completed projects in 33 states to date.
Architect. The architect for the Project is True Craft Architecture (the “Architect”). The Architect
has been the principal architect for over 5,300 multifamily units across 18 states.
Units Summary
The unit mix of the Project is as follows:
Number Of Units Composition Approximate Square Footage
[112] One Bedroom 625
[136] Two Bedroom 700 & 973
[4] Three Bedroom 1,100
Total: [250]
* Preliminary; subject to change.
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