Walker & Dunlop Arranges $132M for Richmond MF Redevelopment
Walker & Dunlop has arranged the joint venture partnership between AIP, Pointsfive, and Bridge Investment Group for the $132 million redevelopment of the former Greyhound Bus Station in Richmond, Virginia, into a multifamily community.
The firm secured equity, in addition to $85.6 million in construction financing from Madison Realty Capital. Upon completion, the 550,000-square-foot project will deliver 386 residences and over 14,000 square feet of retail space.
Walker & Dunlop served as exclusive advisor to co-developers, AIP and Pointsfive. Mo Beler, Jonathan Paine, Heather McClure, Cory Elbaum, Michael Williams, and Jackson Irwin arranged the venture equity investment from Bridge Investment Group, while Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, and Michael Brown secured construction financing with Madison Realty Capital.
“We structured this deal with the sponsor’s execution needs in mind, moved quickly to meet a critical timeline, and look forward to working alongside AIP, Pointsfive, and Bridge Investment Group — a team with the institutional depth and local expertise needed to execute at this scale,” said Josh Zegen, Co-Founder and Managing Principal at Madison Realty Capital.
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.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout