North Bay Group I, LLC (the “Company”) is a professional services firm trading as North Bay Properties and headquartered in Virginia Beach, Virginia. The Company was founded in 1998 in order to take advantage of opportunities to acquire and substantially rehabilitate multifamily housing. The Company or its principals own and/or manage over 1,213 up-scale apartments in Virginia Beach, Hampton, Newport News, Charlottesville, Norfolk, Chesapeake, and Suffolk, Virginia. During the past several years The Company participated as General Partner, key development team member, or partner in the rehab of these apartments totaling $27.9 million or $18,712 per unit. The Company's role was negotiating real estate acquisitions, performing feasibility studies, market analysis, development of rehab strategy and budgets, raising equity funding, obtaining permanent and construction mortgage financing, and building or substantially rehabbing units. This rehab modernized and repositioned each complex into the top end of the rental market substantially improving the appearance, physical condition, resident lifestyle, and surrounding areas of each property. After-rehab monthly rental rates increased an average of $160 per unit ensuring financial stability for each property in future periods.
The Company or its principals participated as a key development team member in the rehab and repositioning of another 1,175 units with a total rehab expenditure of $24.7 million or $21,021 per unit. The Company obtained $154 million of financing relating to 9 acquisition/refi/rehab projects since its inception.
The Company manages 675 multi-family units in Hampton, Newport News, Chesapeake, Suffolk & Norfolk, Virginia.
North Bay Group-Lynnhill, LP
Autumn Ridge II Apartments (fka Lynnhill Commons Apartments)
48 Garden Units – LIHTC
$2,676,800 223(f) FHA Loan
$270,878 ($5,643/unit) Rehab – 2014
North Bay Group-Great Bridge, LP
Great Bridge Apartments
100 Garden Units
$9,200,000 223(f) FHA Loan
$1,205,270 ($12,053/unit) Rehab – 2013 and 2014
Refinanced in 2019 Reducing Interest Rate from 3.49% to 3.03%
North Bay Group-Nansemond, LP
Autumn Ridge I Apartments (fka Nansemond Square Apartments)
Suffolk, VA
128 Garden Units
$9,046,900 223(f) FHA Loan
$1,700,000 ($13,281/unit) Rehab- 2012
Refinanced in 2019 Reducing Interest Rate from 3.69% to 3.03%
Collinwood, LLC
Collinwood Square Apartments
Newport News, VA
78 Garden Units
$4,664,800 223(f) FHA Loan
$382,328 ($4,900/unit) Rehab – 2013
Foxcroft, LP
Kensington Square Apartments and Townhomes
Hampton, VA
184 Unit Garden and Townhouse Units
Financed with a 221d(4) FHA Loan
$10.8 Million Loan
$2.3 Million Rehab and New Construction ($12,500/Unit) - 2002
223(a)7 Refinance of $10.8 Million Loan Reducing Interest Rate From 7.1% To
4.69%
223(a)7 Refinance of $10.8 Million Loan Reducing Interest Rate From 4.69% To
3.18%
Hampton Investment Properties, LP
Hampstead Heath Luxury Apartments
101 Unit Garden and Townhouse Units
Financed with a 221d(4) FHA Loan
$11.1 Million Loan
$5.1 Million New Construction & Rehab ($50,495/Unit) - 2006
223(a)7 Refinance of $11 Million Loan Reducing Interest Rate From 5.65% To
3.97%
223(a)7 Refinancing of $11 Million Loan Reducing Interest Rate From 3.97% To
3.35%
Enfield Garden Associates, LP
Enfield Garden Apartments
36 Unit Garden Units
$2,720,000 223(f) FHA Loan
$322,000 Rehab ($8,945/Unit) - 2004
223(a)7 Refinance Of $1.8 Million Loan Reducing Interest Rate From 5.45% To
3.73%
Refinanced in 2019 Reducing Interest Rate from 3.73% to 3.03%
$130,344 ($3,620/Unit) Rehab Completed W/I Budget/On Time – 2013
Ocean Pebbles Investment Properties, LLC
112 Unit Condominium Style Apartments
Virginia Beach, VA
VHDA Conventional Mortgage
$6,250,000 Loan
$690,986 Rehab Budget ($6,169/unit)
Charlottesville Investment Properties, LLC
University Heights Apartments
Charlottesville, VA
426 Unit Apartment Complex Adjacent to UVA
VHDA Conventional Refinance/Rehab Mortgage Loan
$22.4 Million Loan (Largest ever underwritten by VHDA at closing)
$4,539,220 Rehab Budget ($10,655/Unit)
Greater Greensboro Investment
Properties, LP
Forest Grove Apartments
Greensboro, NC
278 Unit Apartment Complex
Conventional Bank Financing
$16.65 Million Construction Loan
$13,050,031 Rehab/New Construction Dev Budget of 50+ Year Old Property
($46,942/Unit)
Total Units: 1,491 Total
Rehab: $27.9 Million Rehab/Unit: $18,712