The new community will comprise three adjoining multifamily buildings. Credit: Jason Goh from Pixabay.

Multifamily community developer Capital Square has secured a construction loan to develop a mixed-use multifamily property in Virginia, US.

On behalf of the borrower, Walker & Dunlop has arranged the financing from United Bank.

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The new development is a 352-unit, Class A housing community, which is located in Scott’s Addition qualified opportunity zone in Richmond.

It will comprise three adjoining multifamily buildings above podium parking.

Some of the amenities of the property include courtyards, a zero-edge pool, a clubhouse, gym, dog park and sky lounge.

The property is situated within walking distance from cultural and lifestyle amenities within the Scott’s Addition neighbourhood, which also comprises more than 51 retail, dining and entertainment venues.

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Construction on the multifamily property has already started in April this year. It is expected to be completed by mid-2025.

Capital Square introduced its fifth qualified opportunity zone fund, CSRA Opportunity Zone Fund VII, last year to support the development of similar multifamily properties in the area.

CSRA Opportunity Zone Fund VII aims to raise $63.3m in equity from accredited investors.

Capital Square founder and co-chief executive officer Louis Rogers said: “Capital Square has delivered for opportunity zone investors by building exceptional Class A housing communities and delivering them on time and on budget, then leasing them up in record time, and commanding the highest rents in the submarket.

“This construction loan is the next critical step in the development process for CSRA Opportunity Zone Fund VII.”