Middleburg and Harbor Group International Have Closed Construction Financing for Scottwood Multifamily Development in Richmond

Middleburg and Harbor Group International have closed construction financing for Scottwood, a 299‑unit Class A multifamily development located at 4400 West Broad Street along the boundary of the City of Richmond and Henrico County. Construction is scheduled to begin in April, with initial deliveries expected in late 2027. The project is a joint venture between Middleburg and affiliates of Harbor Group International, with financing provided by Truist Bank.

With this investment, HGI has surpassed $1 billion in total development investments since 2023, having participated as a limited partner in multiple development joint ventures spanning more than 3,600 units nationwide. Scottwood sits within Henrico County’s Westwood Revitalization/Reinvestment Opportunity Special Focus Area, just west of Scott’s Addition on a corridor the county has planned for mixed‑use redevelopment, including residential, restaurants, breweries, offices and entertainment. The Pulse bus rapid transit line runs along West Broad Street with stations nearby, providing direct regional connectivity for future residents.

The site presented a notable jurisdictional challenge. Scottwood straddles the City of Richmond and Henrico County, requiring offsite easements across surrounding properties to extend Henrico County utilities. That hurdle had stalled prior development efforts on the parcel. Middleburg’s development team worked with both jurisdictions to secure necessary approvals and easements to advance the project to construction.

"This project is one of the most complex we ve pursued in the market, and we are proud of what our team and partners have accomplished in bringing it to this point, said Ross Magette, Development Partner for Middleburg. This corridor has a real rental housing demand, and we are committed to delivering a community that meets it – in quality, in amenities, and in its role in the future of this part of Richmond. "

"We are pleased to partner with Middleburg on this project and leverage their local expertise and execution capabilities to bring it to fruition, said Yisroel Berg, Chief Investment Officer of Multifamily at HGI. Investments like Scottwood reflect our focus on working alongside experienced developers to deliver high-quality housing in markets with strong fundamentals. This project represents a compelling opportunity to bring thoughtfully designed housing to a growing area where we continue to see strong demand for new supply. "

Scottwood is described as delivering near top‑of‑market quality at more attainable rent levels, featuring individually curated courtyards and activated amenity spaces along the West Broad Street frontage. The design and site selection reflect a development approach focused on infill locations where disciplined execution can address housing demand while preserving the resident experience.

For practitioners in multifamily development and investment, Scottwood illustrates several industry themes: the importance of jurisdictional collaboration on infill sites, the role of transit‑adjacent locations in mixed‑use corridors, and the continued flow of institutional capital into joint venture development structures. The project will be one to watch as construction proceeds and deliveries begin in 2027.