June 29, 2020
Capital Square has secured construction financing for Scott’s Collection I, a mixed-use multifamily property in the Scott’s Addition designated opportunity zone in Richmond. M&T Bank provided the financing. The amount was not disclosed.
Located at 3000 – 3008 West Clay St., Scott’s Collection I is a single-structure, ground-up development that will include a five-story multifamily community with 80 units, a 3,700-square-foot, elevated courtyard and 65-70 onsite parking spaces.
The project is the direct result of CSRA Opportunity Zone Fund I, LLC, a project-specific opportunity zone fund launched by Capital Square in July 2019. The opportunity zone fund raised equity to begin the development of the project.
Jamie Butler of Walker & Dunlop secured the construction loan on behalf of Capital Square.