Walker & Dunlop places $86.5M bridge for 352-unit Richmond multifamily

Walker & Dunlop arranged $86.5 million in bridge financing for Chasen, a 352-unit multifamily community in Richmond's Scott's Addition neighborhood, IREI first reported. The loan works out to roughly $246,000 a unit.

Walker & Dunlop Capital Markets Real Estate Finance placed the variable-rate, interest-only loan with a private credit lender on behalf of Capital Square. Chasen sits in a qualified opportunity zone, part of the federal program created by the Tax Cuts and Jobs Act of 2017 that offers tax incentives for long-term investment in designated low-income communities.

The property completed in phases between late 2025 and early 2026, with studio through three-bedroom units and more than 5,000 square feet of ground-floor retail. The community consists of three-, six- and seven-story residential buildings on 2.45 acres.

"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, a managing director of capital markets real estate finance at Walker & Dunlop.

Walker & Dunlop has run a similar structure recently: in September it arranged a $238 million floating-rate, interest-only bridge for The Landmark South, a 631-unit property in Doral, Florida, for JSB Capital, funded by Torchlight Investors.