Breaking will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NORFOLK, VA-Long-term permanent financing to the tune of $15 million has been put in place for Park Crescent Apartments here, courtesy of real estate investment banking firm John B. Levy & Co. Inc. Property owner Park Crescent Associates, a local limited partnership, was able to attain a permanent 10-year term mortgage amortizing over 25 years on the luxury complex.

Park Crescent is a 7-year-old residential property with 288 garden-style units spread out over a little more than 20 acres. “The Norfolk apartment market has continued to perform very well, despite softening in most of the top 50 markets in the country,” John B. Levy’s Andrew Little explains to “In fact, it is one of only a few markets in the country that Moody’s rates green in its red-yellow-green market analysis.”

But the Richmond, VA-based investment banking company relied on more than market conditions to make its decision. “The property is owned by a fantastic sponsor that knows how to maintain and lease apartment properties,” Little says. “And, finally the underwriting was solid.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.