RICHMOND, VA. — Walker & Dunlop has arranged $132 million in financing for a joint venture’s redevelopment of a former bus station in Richmond. AIP, Pointsfive and Bridge Investment Group will replace the Greyhound terminal at 2910 North Arthur Ashe Blvd. in Richmond’s Scott’s Addition neighborhood with a 550,000-square-foot property comprised of 396 apartment units and approximately 14,000 square feet of retail. The capital stack includes equity and an $85.6 million construction loan provided by Madison Realty Capital.
The bus station and service depot was in operation from approximately 1984 until 2025. Construction is expected to begin by the second quarter of this year, which starts by clearing the site, situated in a Qualified Opportunity Zone, for redevelopment. Multifamily residents will have access to three outdoor open-air courtyards and about 55,000 square feet of indoor and outdoor amenities. A completion date was not disclosed.
Walker & Dunlop Capital Markets Institutional Advisory and Walker & Dunlop Equity & Structured Finance advised co-developers AIP and Pointsfive on the financial transaction. Mo Beler, Jonathan Paine, Heather McClure, Cory Elbaum, Michael Williams and Jackson Irwin arranged the venture equity investment from Bridge Investment Group. Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer and Michael Brown secured the construction financing through Madison Realty Capital.