Walker & Dunlop Arranges Joint Venture Equity Partnership and Construction Financing for $132 Million Multifamily Development in Richmond's Scott's Addition District
Walker & Dunlop Arranges Joint Venture Equity Partnership and Construction Financing for $132 Million Multifamily Development in Richmond's Scott's Addition District
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Key Terms
joint venturefinancial
A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.
construction financingfinancial
A short-term loan used to pay for the costs of building or renovating a property, with funds released in stages as work is completed and the work itself serving as the lender’s security. It matters to investors because the availability, terms, and management of construction financing determine whether a project finishes on time and on budget, affecting cash flow, returns and the risk that cost overruns or delays will erode or eliminate expected profits — like a pay-as-you-go loan that must be managed to keep a building project moving.
qualified opportunity zoneregulatory
A qualified opportunity zone is a government-designated neighborhood where investors can put capital into special investment vehicles to get tax breaks on capital gains; think of it like a tax-discount coupon for projects in certain areas. It matters to investors because using these funds can defer, reduce, or even eliminate taxes on gains if money is held and used for long-term local development, which can boost after-tax returns but also ties up capital and depends on the success of projects in that area.
multifamilytechnical
Multifamily describes residential properties that contain multiple separate living units under one ownership, such as apartment buildings, duplexes, triplexes or condo complexes. Investors care because a single property can produce income from many tenants at once, smoothing cash flow much like a small rental fleet rather than one standalone house, and offering scale benefits, diversified tenant risk, and sensitivity to rental market trends that affect returns and asset value.
BETHESDA, Md.--(BUSINESS WIRE)--
Walker & Dunlop, Inc. announced today that it has arranged the joint venture partnership between AIP, Pointsfive, and Bridge Investment Group for the landmark $132 million redevelopment of the former Greyhound Bus Station in Richmond, Virginia into a multifamily community. The firm secured the equity, in addition to an $85.6 million construction financing with Madison Realty Capital. Upon completion, the 550,000-square-foot project will deliver 386 Class A residences and over 14,000 square feet of retail in Richmond’s Scott’s Addition District, one of the city’s fastest-growing neighborhoods.
Photo Credit: AIP, Pointsfive, Bridge
“We are honored to collaborate with this exceptional best-in-class partnership. Together, we will bring a world-class residential experience, with curated urban retail spaces that emphasize street-level activation and urban connectivity, unrivaled amenities, and sustainably focused design to life in this historic location,” said Scott Allen, founder and CEO of AIP.
“This submarket has all the qualities we look for in a multifamily development location: walkability, unique mixed-use urban character, day and night entertainment drivers, and consistently strong renter growth relative to supply,” said Tristan Nadal, founder and CEO of Pointsfive.
“This transaction and development reflect the strength of one of the Mid-Atlantic’s fastest-growing urban submarkets of Richmond, Virginia and the exceptional quality of this multifamily development and sponsorship,” said Beler, senior managing director of Capital Markets and co-head of Equity & Structured Finance at Walker & Dunlop. “Scott’s Addition continues to benefit from strong fundamentals, including steady rent growth, projected household expansion, and a well-documented shortage of quality housing driven by population and employment growth. We’re proud to have partnered with AIP, Pointsfive, Bridge Investment Group, and Madison Realty Capital to capitalize this iconic project and bring it to fruition.”
Scott’s Addition has undergone one of the most remarkable urban transformations on the East Coast, evolving from a quiet industrial warehouse district into Richmond’s most vibrant walkable neighborhood in less than a decade. Today, in less than one square mile, it is home to more than a dozen craft breweries, destination James Beard-nominated restaurants, boutique fitness studios, coffee shops, retailers, creative office spaces, and multifamily housing — all connected by tree-lined sidewalks and a growing network of bike infrastructure. The neighborhood’s industrial bones give it an authenticity that purpose-built mixed-use districts struggle to replicate, attracting a young professional demographic that prioritizes urban lifestyle. With the adjacent $2.4 billion Diamond District redevelopment, the largest redevelopment in the city’s history, and the new minor league ballpark to the east (home to the Double-A Eastern League affiliate of the San Francisco Giants), Scott’s Addition is transitioning from Richmond’s best-kept secret to its most institutionally developed submarket.
The property at 2910 North Arthur Ashe Boulevard is within a federally designated Qualified Opportunity Zone and provides long-term investment benefits. The site, formerly a Greyhound bus terminal and service depot, will be cleared for redevelopment. The development team has created an architectural design that enhances urban connectivity and engagement, with an expansive residential porte-cochere along West Boulevard complementing enlarged sidewalks, corner retail plaza, and over 400 linear feet of retail-forward presence on North Arthur Ashe Boulevard. Residents will benefit from three outdoor open-air courtyards and over 55,000 square feet of indoor and outdoor amenities.
Upon completion, residents will enjoy one of the most walkable urban neighborhoods and, with direct access to I-64, I-95, and Highway 250, will be able to connect to Richmond’s broader network of cultural institutions, outdoor park system, trail networks, and the James River. Construction is set to commence in the second quarter of 2026.
In 2025, Walker & Dunlop’s Capital Markets team sourced over $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
