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Middleburg and Harbor Group International have closed construction financing for Scottwood, a planned 299-unit multifamily community at 4400 West Broad Street in Richmond, Virginia. The project is positioned along a corridor just west of the city’s Scott’s Addition District and near Topgolf Richmond, placing it within an established and growing mixed-use area. Financing for the development is being provided by Truist Bank.
Scottwood is planned as a two-building multifamily development designed to deliver near top-of-market quality at a more attainable rent level, according to the sponsors. The community will consist of two four-story residential buildings, with one building programmed for 132 units and the second for 167 units. Together, the buildings will bring 299 new apartment homes to the West Broad Street corridor.
Construction is scheduled to begin in April, with initial unit deliveries targeted for late 2027. As currently envisioned, the property will incorporate individually curated courtyards distributed throughout the community, offering separate outdoor environments for residents. The plan also calls for activated amenity spaces along the West Broad Street frontage, aimed at engaging both residents and the streetscape.
Ross Magette, Development Partner for Middleburg, stated that the West Broad Street corridor near Scott’s Addition is experiencing strong rental housing demand. He noted that the development team intends for Scottwood to respond to that demand through its quality level, amenity program, and contribution to the ongoing evolution of this part of Richmond. The project is expected to add a significant number of new units to a corridor that has attracted continued interest from renters and investors.
By closing construction financing and setting a near-term construction start, Middleburg and Harbor Group International are moving Scottwood from planning into the execution phase. With Truist Bank providing the construction financing, the sponsors have secured a banking partner to support the project through the development period and toward the initial deliveries projected for late 2027.
The post Middleburg and Harbor Group Secure Construction Loan for 299-Unit Scottwood in Richmond appeared first on CRE Market Beat.
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