Capital Square Secures Construction Loan for Virginia OZ Project
October 7, 2020
Capital Square has received a loan from Fulton Bank N.A., for construction of Scott’s Collection II, a mixed-use, 60-unit multifamily property in the Scott’s Addition designated opportunity zone in Richmond, Va. It will be the second of the three-phase Scott’s Collection that will eventually consist of three mixed-use multifamily properties.
Details on the amount of the loan or when construction would begin were not disclosed. Jamie Butler of Walker & Dunlop secured the loan from Fulton Bank on behalf of Capital Square, a Richmond-based sponsor of tax-advantaged real estate investments. Louis Rogers, founder & CEO of Capital Square, said in prepared remarks the development would create new jobs and economic activity, estimated at more than $50 million, in Scott’s Addition, a historic area that has become the city’s fastest growing neighborhood.
CSRA Opportunity Zone II LLC, a project-specific opportunity zone fund launched by Capital Square in December 2019, raised equity to begin the development of Scott’s Collection II. Located at 2900-2904 West Clay St., Scott’s Collection II will be a single-structure, five-story, Class A multifamily development comprising 60 units with private balconies. The property will feature a wood-framed building above a concrete podium, 40 to 45 parking spaces, a courtyard with kitchen, work space and about 2,100 square feet of ground-floor space.
CSRA Opportunity Zone Fund I LLC, raised equity to develop Scott’s Collection I, a five-story, 80-unit multifamily community at 3000-3008 West Clay St. that broke ground in August.
Capital Square is also developing a six-story, 350-unit mixed-use Class A apartment property at nearby 1601 Roseneath Road in Scott’s Addition. Funded by CSRA/GS Opportunity Zone V LLC, the property will have about 15,000 square feet of ground-floor retail and 380 parking spaces.
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