[[{“value”:”
Walker & Dunlop has structured a joint venture and construction financing package for the planned redevelopment of the former Greyhound Bus Station site in Richmond, Virginia into a multifamily community. The transaction supports a $132 million project that will transform the long-time transportation facility into a large-scale residential and retail development.
The firm arranged a joint venture partnership among AIP, Pointsfive and Bridge Investment Group, bringing together the co-developers and an institutional equity investor for the project. In addition to securing the venture equity, Walker & Dunlop also sourced $85.6 million in construction financing from Madison Realty Capital, aligning both the equity and debt capital stacks required to move the redevelopment forward.
Upon completion, the project is planned to comprise approximately 550,000 square feet, with 386 multifamily residences and more than 14,000 square feet of retail space. The mix of residential units and street-level retail is designed to reposition the former transportation-oriented site into a mixed-use environment that can support neighborhood activity beyond traditional commuting uses.
The property, located at 2910 North Arthur Ashe Boulevard, sits within a federally designated Qualified Opportunity Zone. That designation can offer long-term tax advantages to qualified investors, adding a policy-driven incentive layer to the transaction alongside its underlying real estate fundamentals. The site, historically used as a Greyhound bus terminal and service depot, will be cleared to make way for the new construction.
Walker & Dunlop served as exclusive advisor to co-developers AIP and Pointsfive throughout the capitalization process. On the equity side, Mo Beler, Jonathan Paine, Heather McClure, Cory Elbaum, Michael Williams and Jackson Irwin arranged the joint venture equity investment from Bridge Investment Group. On the debt side, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer and Michael Brown secured the construction loan from Madison Realty Capital.
The combination of institutional joint venture equity, construction financing and Opportunity Zone status positions the redevelopment to move from planning into execution. Clearing the former bus terminal and service depot for a ground-up multifamily and retail project reflects ongoing investor interest in repurposing legacy transportation and industrial sites into higher-density residential uses in Richmond.
The post Walker & Dunlop Arranges $132M for Richmond Greyhound Station Multifamily Redevelopment appeared first on CRE Market Beat.
“}]]
