Walker & Dunlop Arranges $132M Joint Venture and Construction Financing for Richmond Multifamily Development in Scott's Addition

Walker & Dunlop has arranged a $132 million joint venture and construction financing package for the redevelopment of the former Greyhound Bus Station in Richmond, Virginia's Scott's Addition district into a Class A multifamily community, the firm announced March 30.

The transaction brings together co-developers AIP and Pointsfive with equity partner Bridge Investment Group, while Madison Realty Capital is providing $85.6 million in construction financing. Walker & Dunlop served as exclusive advisor to AIP and Pointsfive through its Institutional Advisory and Equity & Structured Finance divisions.

Project Details and Multifamily Development Scope

The multifamily development at 2910 North Arthur Ashe Boulevard will span approximately 550,000 square feet upon completion, delivering 386 Class A residential units and more than 14,000 square feet of street-level retail space. The project will also feature more than 55,000 square feet of combined indoor and outdoor amenities, including three outdoor open-air courtyards.

The architectural design emphasizes urban connectivity, incorporating an expansive residential porte-cochere along West Boulevard, enlarged sidewalks, a corner retail plaza, and more than 400 linear feet of retail-forward presence along North Arthur Ashe Boulevard. The property is located within a federally designated Qualified Opportunity Zone.

Construction is scheduled to commence in the second quarter of 2026. The former site served as a Greyhound bus terminal and service depot and will be cleared for redevelopment.

Financing Structure

The financing was arranged by two separate Walker & Dunlop teams. Mo Beler, Jonathan Paine, Heather McClure, Cory Elbaum, Michael Williams, and Jackson Irwin arranged the joint venture equity investment from Bridge Investment Group. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, and Michael Brown secured the $85.6 million construction financing with Madison Realty Capital.

"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 Mo 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 Neighborhood Context

Scott's Addition has evolved from a quiet industrial warehouse district into a walkable mixed-use neighborhood in less than a decade, according to the announcement. Within roughly one square mile, the neighborhood now contains more than a dozen craft breweries, James Beard-nominated restaurants, boutique fitness studios, coffee shops, retailers, creative office spaces, and multifamily housing connected by tree-lined sidewalks and bike infrastructure.

The submarket is also adjacent to the $2.4 billion Diamond District redevelopment — described as the largest redevelopment in Richmond's history — and a new minor league ballpark to the east, home to the Double-A Eastern League affiliate of the San Francisco Giants.

"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.

Scott Allen, founder and CEO of AIP, added: "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."

The property also offers direct access to I-64, I-95, and Highway 250, connecting future residents to Richmond's broader network of cultural institutions, outdoor parks, trail networks, and the James River.

Walker & Dunlop Capital Markets Activity

In 2025, Walker & Dunlop's Capital Markets team sourced more than $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties, according to the firm.

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States, according to the firm.

Sources

Walker & Dunlop — $132 Million Multifamily Development in Richmond's Scott's Addition District (March 30, 2026)