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NVCommercial Announces Final Closing of Commercial Real Estate Opportunity Fund at $30.725 Million

 

TYSONS CORNER, VA --- NVCommercial, commercial real estate investors, developers and owners, announced the final closing of the NVCommercial Real Estate Fund I, LP (the fund) at $30.725 million.

Stephen Cumbie, Peter Lunt, Russell Marks, and Matt Weber are the principals in the fund’s general partner.  Between them, they have over 80 years of experience.          

The fund is considering investments in retail, office, industrial, completed lots, apartments, and condominiums in the greater Washington area.

According to Mr. Cumbie, the fund is focusing on an underserved portion of the greater Washington, DC real estate investment market: equity and debt commitments in the $2 to $10 million range.  “This is because the vast majority of real estate investment capital is now seeking projects with cash commitments in excess of $10 million,” Mr. Cumbie said.

The fund’s initial acquisition was a joint venture interest in Dominion Heights, a new 66-unit residential condominium with 8,000 square feet of retail space in the Cherrydale neighborhood of Arlington, Va.  The fund arranged $4 million of equity to the project.

According to Mr. Lunt, the supply/demand imbalance that exists in the commercial real estate finance market has created the most attractive investment environment since the previous dislocation during the RTC era.

“Through our fund, we will seek opportunities to help owners and real estate sponsors with restructuring and recapitalizing of viable properties that for whatever reason are stymied in the current market and finance environment,” Mr. Cumbie said.

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