The Winfield

  • In a partnership with United Methodist Family Services (UMFS), Spy Rock signed a 99-year prepaid ground lease for 5.91 acres adjacent to Scott’s Addition
  • The plan of development is to build 250 Class-A apartments with 15,700 SF of ground floor commercial and 128-key limited service hotel
  • Acquisition date: August 2019
  • Multifamily construction start: December 2016
  • Multifamily occupancy start: Summer 2021
  • Acquisition Bridge Lender: TowneBank
  • Multifamily construction/Permanent financing: Virginia Housing Development Authority
  • Hotel construction financing: TBD

Lake Wright Quality Suites and Sleep Inn

  • Acquisition, renovation and repositioning of two existing hotels in Norfolk, VA
  • Adjacent to a newly built 330,000 SF Simon Outlet Mall, the to-be-built Ikea Norfolk and the Norfolk Airport
  • 107 Room Sleep Inn and 127 Room Quality Suites
  • Additional site development potential for hotel and retail
  • Acquisition: September 2016