Walker & Dunlop, Inc. has arranged a new bridge refinancing for Chasen, a recently completed multifamily property in Richmond’s Scott’s Addition neighborhood. The financing totals $86.5 million and is secured by the 352-unit community, which opened in phases between late 2025 and early 2026.
The property is situated within a Qualified Opportunity Zone, a designation that can provide tax advantages for certain investors under federal guidelines. Walker & Dunlop Capital Markets Real Estate Finance structured the bridge loan on behalf of Capital Square, a firm that is active in the Scott’s Addition district and other qualified opportunity zone strategies.
The financing was executed with a private credit lender, reflecting the role of non-bank capital providers in today’s multifamily debt markets. The loan is variable-rate and interest-only, features that are commonly used to offer borrowers flexibility during lease-up or early operations. Specific terms beyond the loan amount and structure were not disclosed.
The Walker & Dunlop Capital Markets Real Estate Finance team included Alexandra Huffman, Justin Nelson, Andrew Tapley, PJ Feichtmeier, Eric Norris, and Jared Diedrich. The group arranged the loan proceeds to support the newly delivered asset as it continues to stabilize and build a track record of operating performance.
According to Huffman, who serves as a managing director within Walker & Dunlop’s Capital Markets Real Estate Finance platform, Chasen is located in one of Richmond’s most active neighborhoods. She noted that the financing structure is intended to provide Capital Square with flexibility as the community progresses through its initial lease-up and operating phase.
Chasen is composed of three residential buildings ranging from six to seven stories in height across a 2.45-acre site in Scott’s Addition. The community includes a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, offering a range of layouts for residents. Residential density is complemented by a ground-floor retail component designed to activate the street level and serve both residents and the surrounding neighborhood.
In total, the development integrates more than 5,000 square feet of ground-floor retail space, although a specific tenant lineup was not disclosed. The combination of multifamily units and retail is consistent with Scott’s Addition’s broader evolution into a mixed-use, urban neighborhood within Richmond.
This latest financing underscores ongoing debt capital activity for newly built multifamily communities in established submarkets such as Scott’s Addition, particularly where projects are located in designated Qualified Opportunity Zones. By using a bridge, variable-rate, interest-only structure from a private credit lender, Capital Square and Walker & Dunlop have positioned the asset with interim financing that can support operations while the property matures.
