Capital Square Receives $86M for Richmond Development
The community's final phase came online earlier this year.
Capital Square has obtained $86.5 million in bridge financing for Chasen, a newly completed 352-unit multifamily community in the Scott’s Addition neighborhood of Richmond, Va. The property is located in a Qualified Opportunity Zone. A private credit lender originated the loan.
Completed in phases from late 2025 to early 2026, Chasen offers studio, one-, two-, and three-bedroom residences, along with more than 5,000 square feet of ground-floor retail. The development consists of three, six- and seven-story residential buildings on 2.45 acres.
Common-area amenities include a resort-style pool, a fitness center, a coworking office, a rooftop terrace, a whiskey lounge and a club room with a golf simulator. The property features a dog wash station and courtyards with native Virginia landscaping.
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Walker & Dunlop Capital Markets Real Estate Finance facilitated the variable-rate, interest-only financing on behalf of Capital Square. Walker & Dunlop’s Managing Director of Capital Markets Alexandra Huffman, Senior Managing Directors Justin Nelson and Andrew Tapley, Directors PJ Feichtmeier, Eric Norris, and Associate Director Jared Diedrich worked on the deal.
Scott’s Addition is a former Richmond industrial district that has been redeveloped into a mixed-use neighborhood with breweries, restaurants, coffee shops and entertainment venues. Interstates 64 and 95 provide access to downtown Richmond from the neighborhood.
Richmond multifamily stays resilient
Development is relatively robust in Richmond, with 8,844 units under construction as of February, according to Yardi Matrix data. That total follows the addition of 6,089 apartments last year. As yet, that influx of inventory hasn’t dampened rent growth in the market, which was at 3.6 percent through February. But the metro’s occupancy rate in stabilized assets slid 30 basis points over 12 months, to 94.8 percent.
In August, Bonaventure broke ground on Attain at Swift Creek, a 344-unit multifamily community in Chester, Va., near Richmond. The first units will be delivered in early 2028. Financing for the project was a $79.9 million 40-year, fixed-rate HUD Section 221(d)(4) loan originated by Walker & Dunlop.
In July, the same developer started work on Attain at Newtown, a 320-unit community in Norfolk, Va. The development’s first units are expected to come online in fall 2027.
Attain at Newtown is being developed within a federally designated Qualified Opportunity Zone. Cafritz Asset Management LLC, a private family office, provided an equity investment in the development.
