Arlington, Virginia-based multifamily real estate firm Linden Property Group has refinanced The Grove, a 240-unit multifamily community located at 441 Manor Road in Newport News, Virginia. Burke & Herbert Bank provided the refinancing, which will support ongoing property improvements and ensure the maintenance of affordability.
ARLINGTON, Va., April 3, 2026 /PRNewswire-PRWeb/ -- Linden Property Group, a leading multifamily real estate firm based in Arlington, Virginia, today announced the successful refinancing of The Grove, a 240-unit apartment community located at 441 Manor Road in Newport News, Virginia. This $17.82 million refinance marks a key milestone in Linden Property Group's ongoing effort to provide affordable housing solutions and enhance the value of its multifamily portfolio.
The property, an integral part of Linden's portfolio, will continue to provide quality and affordable housing in the region under the management of The Franklin Group. The refinancing, provided through Burke & Herbert Bank, strengthens the financial foundation of The Grove, ensuring its long-term sustainability.
"This refinancing represents an important step in our ongoing commitment to enhancing affordable housing in the Mid-Atlantic," said Wade Casstevens, Founder and Managing Partner of Linden Property Group. "It allows us to strengthen the financial foundation of The Grove, ensuring its long-term success and ability to continue providing great living options for residents while maintaining affordability."
Linden Property Group also extends special thanks to those involved in the refinancing process, including Lucas Via and Christian Coates of Linden Property Group; Roth Carroll of Burke & Herbert Bank; Jamie Leachman and Reina Abboud of JLL Capital Markets; and Matt Hacker and Sincere Jeffries of The Franklin Group.
Frequently Asked Questions:
What is the significance of the refinancing of The Grove?
The refinancing of The Grove is a strategic move by Linden Property Group to strengthen the financial foundation of this 240-unit apartment community in Newport News, Virginia. It allows the firm to continue property improvements, ensuring long-term sustainability while maintaining affordability for residents.
How will this refinancing benefit The Grove's residents?
This refinancing will support ongoing property improvements and operational efficiencies, ensuring that The Grove remains a well-maintained, affordable housing option for moderate-income residents in the region. It guarantees the long-term sustainability of the community, maintaining its status as an important affordable housing asset.
What role does Burke & Herbert Bank play in the refinancing process?
Burke & Herbert Bank provided the refinancing for The Grove, playing a critical role in securing the financial support necessary for the project. Their involvement ensures the continued success and stability of the property.
How does this refinancing align with Linden Property Group's mission?
Linden Property Group is committed to enhancing affordable housing in the Mid-Atlantic region. This refinancing is a part of their ongoing efforts to provide quality, affordable housing options to residents while maintaining the long-term sustainability and operational success of their properties.
Who are the key individuals involved in the refinancing of The Grove?
Key individuals involved in the refinancing process include:
- Wade Casstevens, Linden Property Group
- Lucas Via, Linden Property Group
- Christian Coates, Linden Property Group
- Roth Carroll, Burke & Herbert Bank
- Matt Hacker and Sincere Jeffries, The Franklin Group
- Jamie Leachman and Reina Abboud of JLL Capital Markets
What is Linden Property Group's vision for The Grove going forward?
Linden Property Group's vision for The Grove is to continue to provide affordable and quality housing for its residents. The refinancing supports ongoing operational improvements and ensures that The Grove will remain a sustainable and desirable living community in Newport News.
How does Linden Property Group maintain affordability at The Grove?
Linden Property Group is committed to maintaining affordability at The Grove by ensuring that financial strategies, like this refinancing, support the long-term viability of the property while keeping rents affordable for moderate-income residents.
About Linden Property Group
Linden Property Group is a multifamily real estate investment firm based in Arlington, Virginia. The firm focuses on the acquisition, management and long-term ownership of affordable workforce multifamily properties across the Mid-Atlantic region. For more information about Linden Property Group's portfolio and ongoing real estate initiatives, visit lindenpropertygroup.com.
Media Contact
Maria Coder, Linden Property Group, 954-379-2115, [email protected], https://lindenpropertygroup.com/
SOURCE Linden Property Group
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