Walker & Dunlop Arranges $86.5M Bridge Financing for Richmond Multifamily Project
What happened
Walker & Dunlop arranged $86.5 million in bridge financing for Chasen, a new 352-unit multifamily community in Richmond, Virginia. The property is situated in a Qualified Opportunity Zone, which is part of a federal economic development program. Huffman, Managing Director at Walker & Dunlop, arranged the variable-rate, interest-only financing through a private credit lender.
From aol.com
Why it matters
The financing supports Capital Square’s long-term plans for the property, which is a newly completed asset in Richmond’s Scott’s Addition neighborhood. This investment supports the goal of encouraging long-term investment in designated low-income communities through tax incentives.
From aol.com
Who's involved
- Walker & DunlopArranged the $86.5 million bridge financing for the multifamily community
- HuffmanManaged the deal as Managing Director at Walker & Dunlop
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Walker & DunlopSpeculative
Successfully arranging the financing could boost deal flow and revenue.
- VirginiaSpeculative
New multifamily financing could increase state tax base and support regional economic growth.
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The entities involved
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Richmond
capital city of Virginia, United States of America
- The General Assembly is operating in Richmond, and Governor Spanberger is awaiting updates regarding the budget.
- Facts establishing the locations of several cities and regions (Charlottesville, Annandale, Northern Virginia, Richmond) within the state of Virginia, and the operation of the Commonwealth within that state.
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Walker & Dunlop
Real estate finance and advisory services in Bethesda, Maryland, US