Vitus Group Secures $97.8 Million for 491-Unit Stuart Gardens Rehabilitation

Stuart Gardens, an affordable multifamily property owned by Vitus Group and located in Newport News, Virginia, has secured HUD and equity bridge financing totaling $97,800,000. The asset comprises 491 units and is being rehabilitated by Vitus Group.

Merchants Capital secured $62.8 million in HUD Section 221(d)(4) permanent financing and $35 million in equity bridge loans from Merchants Bank. Across the two phases, 489 of the 491 units are restricted to families earning 60% of area median income, and 100% of residential units are covered by a Section 8 Housing Assistance Payment contract. Construction began in August 2026 and is expected to finish in January 2028.