Walker Dunlop Arranges Equity Partnership and Financing to Redevelop Former Greyhound Station in Scotts Addition Richmond

Walker & Dunlop has arranged a joint venture equity partnership among AIP, Pointsfive, and Bridge Investment Group to redevelop the former Greyhound bus station at 2910 North Arthur Ashe Boulevard in Richmond, Virginia. The firm also secured an $85.6 million construction loan with Madison Realty Capital to support the $132 million redevelopment.

The planned 550,000-square-foot project, located in Richmond's Scott's Addition district, will deliver 386 Class A residences and more than 14,000 square feet of street-level retail. The development program includes three outdoor courtyards, over 55,000 square feet of indoor and outdoor amenities, an expansive residential porte-cochere, enlarged sidewalks, a corner retail plaza, and more than 400 linear feet of retail-facing frontage on North Arthur Ashe Boulevard. The site is within a federally designated Qualified Opportunity Zone.

"We are honored to collaborate with this exceptional best-in-class partnership. Together, we will bring a world-class residential experience, with curated urban retail spaces that emphasize street-level activation and urban connectivity, unrivaled amenities, and sustainably focused design to life in this historic location," said Scott Allen, founder and CEO of AIP.

Walker & Dunlop Capital Markets Institutional Advisory and Equity & Structured Finance acted as exclusive advisor to co-developers AIP and Pointsfive. Mo Beler, Jonathan Paine, Heather McClure, Cory Elbaum, Michael Williams, and Jackson Irwin arranged the venture equity investment from Bridge Investment Group, while Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, and Michael Brown secured the construction financing with Madison Realty Capital.

"This submarket has all the qualities we look for in a multifamily development location: walkability, unique mixed-use urban character, day and night entertainment drivers, and consistently strong renter growth relative to supply," said Tristan Nadal, founder and CEO of Pointsfive.

Mo Beler, senior managing director of Capital Markets and co-head of Equity & Structured Finance at Walker & Dunlop, noted the transaction's market implications. "This transaction and development reflect the strength of one of the Mid-Atlantic s fastest-growing urban submarkets of Richmond, Virginia and the exceptional quality of this multifamily development and sponsorship," said Beler. Scott's Addition has experienced rapid transformation from an industrial district to a compact, walkable neighborhood with breweries, restaurants, retailers, creative office space, and multifamily housing, and it sits adjacent to the $2.4 billion Diamond District redevelopment and a new minor league ballpark.

Construction is scheduled to begin in the second quarter of 2026. The partnership and financing package underline continued institutional investment in urban infill and mixed-use redevelopment, leveraging neighborhood activation, connectivity, and federally designated tax incentives.