Walker & Dunlop announced that it has arranged $86.5 million in bridge financing for Chasen, a new 352-unit multifamily community in the Scott’s Addition neighborhood of Richmond, Va. The property is located in a qualified opportunity zone, part of a federal economic development program established through the Tax Cuts and Jobs Act of 2017 to encourage long-term investment in designated low-income communities through certain tax incentives.
Walker & Dunlop Capital Markets Real Estate Finance arranged the loan on behalf of Capital Square and arranged the variable-rate, interest-only financing through a private credit lender.
“Chasen is a newly completed asset in one of Richmond’s most active neighborhoods, and this financing gives Capital Square flexibility as the property continues to build its operating history,” said Alexandra Huffman, managing director of capital markets real estate finance at Walker & Dunlop. “We were pleased to deliver a fina
