{"id":1004125091,"date":"2015-08-11T08:19:34","date_gmt":"2015-08-11T16:19:34","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=357432"},"modified":"2020-04-06T04:30:19","modified_gmt":"2020-04-06T12:30:19","slug":"jv-to-leave-its-mark-on-the-norfolk-waterfront","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-to-leave-its-mark-on-the-norfolk-waterfront\/","title":{"rendered":"JV to Leave Its Mark on the Norfolk Waterfront"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">The city of Norfolk is about to get another apartment community. This week, a joint venture consisting of two out-of-state developers has announced its intention to build the Watermark, a $28 million development located along the Lafayette River.<\/p>\n<p style=\"text-align: justify;\">El Paso-based <a href=\"https:\/\/www.huntcompanies.com\" target=\"_blank\" rel=\"nofollow\">Hunt Companies<\/a> is working on the project together with <a href=\"https:\/\/www.collins-llc.com\" target=\"_blank\" rel=\"nofollow\">Collins Enterprises<\/a> of Old Greenwich, CT. They are building the Watermark on the 5.7-acre site of the former Riverside Terrace apartment community, in the Wards\u2019 Corner neighborhood, about five miles north of the city\u2019s downtown and within a mile of the Norfolk Naval Station. The joint venture has already demolished the old Class C apartment community.<\/p>\n<p style=\"text-align: justify;\">The upcoming Class A apartment complex will feature 180 studio, one-, two- and three-bedroom units, as well as a pool, clubhouse, business center, fitness center and other amenities. The project is scheduled for completion in June 2016.<\/p>\n<p style=\"text-align: justify;\">New York-based <a href=\"https:\/\/www.recp.com\" target=\"_blank\" rel=\"nofollow\">Real Estate Capital Partners<\/a> is also investing in the new Watermark community. Winks-Snowa Architects of Richmond is the project\u2019s architect, with Clancy &amp; Theys as the general contractor. In order to finance the development, the joint venture has secured a $21 million construction loan from PNC Bank.<\/p>\n<p style=\"text-align: justify;\">\u201cThe Watermark offers the opportunity to take advantage of evident market growth and excellent demand by apartment renters as the Norfolk area grows into a more important East Coast port in the wake of the widening of the Panama Canal,\u201d Glen Weisberg, CEO of Hunt, said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The city of Norfolk is about to get another apartment community.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,36153],"tags":[],"class_list":["post-1004125091","post","type-post","status-publish","format-standard","hentry","category-latest","category-richmond-hampton-roads"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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