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3A
NEWPORT NEWS REDEVELOPMENT AND HOUSING AUTHORITY
MEMORANDUM
DATE: August 18, 2026
TO: All Members, Board of Directors - Choice Neighborhood IV-R —
Development Corporation
FROM: Lysandra M. Shaw, President fd
SUBJECT: Resolution Authorizing the President to Execute Bond Loan Forbearance
and Permanent Financing Documents for the Choice Neighborhood IV-R
Development Corporation
Choice Neighborhood IV-R, now part of the community known as Legacy Landing,
consists of 84 mixed-income units. The Choice Neighborhood IV-R Development
Corporation acts as the managing member of Choice Neighborhood IV-R LLC. The
Newport News Redevelopment and Housing Authority (NNRHA) is a shareholder of the
managing member corporation that manages the limited liability company owning the
property.
JPMorgan Chase Bank, N.A. initially financed the project through an approximately $16.3
million construction loan funded by tax-exempt bonds issued by NNRHA. The loan is
secured by various documents, including notes, deeds of trust, security agreements, and
related modifications recorded in the official city records. The funding note and project
note were originally scheduled to mature in May and November 2025, respectively, and
were later extended to November 29, 2025. It is necessary to amend and modify certain
provisions of the bond loan documents in order to facilitate the loan extensions and
financing conversions.
Sentara Health provided construction-to-permanent financing of up to $6,005,028,
secured by a deed of trust and governed by a Construction and Term Loan Agreement,
as amended. It is also necessary to further extend the completion and conversion
deadlines to on or before November 29, 2026, to allow for conversion of the Sentara loan
to permanent financing, at which time it will hold first lien position.Jump to an indexed page (8 of 8)