F inancial D igest F eaturing 1031 E xchange & A ppraisal
M id A tlantic Real Estate Journal — September 2023 — 5A
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ICHMOND, VA — Capital Square , one of the nation’s leading Walker & Dunlop arranges construction financing on behalf of the borrower Capital Square closes on construction loan for Seventh Opportunity Zone Fund Development R
2922 W. Marshall St., and 2925 W. Marshall St., the commu - nity will include three adjoining multifamily buildings above podium parking with over 5,350 s/f of ground-level retail space. Market-leading amenities will include lush courtyards, zero- edge pool, gym, clubhouse, dog park, sky lounge and more. Residents will be within walk- ing distance of arts, cultural and lifestyle amenities pro- vided by the Scott’s Addition neighborhood, which con- tains over 51 retail, dining and entertainment venues. Capital Square previously launched CSRA Opportunity Zone Fund I, LLC, CSRA Op - portunity Zone Fund II, LLC and CSRA Opportunity Zone Fund III, LLC, which raised capital from accredited inves- tors to develop Scott’s Collec - tion, a trio of single-structure, ground-up developments fea- turing five-story, class A mul - tifamily communities with on-
site parking and an expansive amenity package, all within the Scott’s Addition qualified opportunity zone. CSRA/GS Opportunity Zone Fund V, LLC raised capital from inves - tors to fund the development of The Otis, a joint venture with Greystar Real Estate Partners in Scott’s Addition. “Capital Square’s oppor - tunity zone developments in Richmond have been tremen- dously successful on multiple levels,” said Whitson Huff- man , co-chief executive of- ficer of Capital Square. “They have not only proven to be excellent investments for our company and the investors we serve, but they have also provided tremendous local economic and fiscal benefits to our hometown of Richmond and the Commonwealth of Virginia that will generate millions of dollars in tax and private economic revenue for many years to come.” MAREJ
sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced that the firm has secured financing from United Bank to fund construction of a 352-unit, class A multifamily develop - ment in the Scott’s Addition qualified opportunity zone in Richmond. Walker & Dunlop arranged construction financ - ing on behalf of the borrower. Construction began in April 2023 and is expected to be completed by Summer 2025. CSRA Opportunity Zone Fund VII, LLC , a quali- fied opportunity zone fund launched by Capital Square in 2022, is currently raising $63.3 million in equity from accredited investors. CSRA Opportunity Zone Fund VII is the fifth opportunity zone fund launched by Capital Square SAYREVILLE, NJ — JLL Capital Markets announced that it arranged acquisition financing and joint venture eq - uity for the acquisition of 700 Jernee Mill Rd., a 10-acre site (6.5 usable acres) positioned for trailer parking and indus- trial outdoor storage (IOS) in Sayreville, Middlesex County. JLL worked on behalf of Ridgecut Road and their partner, Brennan Invest- ment Group , to secure the acquisition loan through a regional bank. The property is located in the heart of the Middlesex County submarket and of - fers unmatched access to Northern New Jersey’s trans- portation network located 35 minutes from the Port of Newark and having direct ac- cess to Rte. 9 and 18 as well as to I-95 and I-287. 700 Jernee Mill Rd. contains a 28,500 s/f warehouse fea - turing clear heights ranging from 24 to 28 feet, 14 drive-in doors, and 6.5 acres of truck
Rendering of 3class A multifamily development in the Scott’s Addition
to develop similar multifam- ily properties in Richmond’s Scott’s Addition neighborhood. “Capital Square has deliv - ered for opportunity zone in- vestors 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,” said Louis Rogers , founder and co-chief executive officer of Capital Square. “This construction loan is the next critical step in the development process for CSRA Opportunity Zone Fund VII.” Located at 2929 W. Clay St.,
JLL works on behalf of Ridgecut Road & Brennan Investment Group to secure acquisition financing for a 10-acre site in Sayreville, NJ
Michael Klein
Matthew Pizzolato Benjamin Morgenthal
parking and IOS space. It is a highly coveted low cover- age industrial property that offers tenants scale, which is difficult to find in a supply diminishing market. The JLL Capital Markets Debt Advisory team was led by senior managing director Michael Klein , managing director Matthew Pizzo- lato and analyst Benjamin Morgenthal . “The Ridgecut Road team did a tremendous job sourcing this off-market transaction and negotiating an attractive sale-leaseback, which resulted in significant interest from
both equity investors and lenders,” said Pizzolato. In other JLL news, JLL Capital Markets announced that it arranged the sale of Courthouse Square, a 120,031 s/f office building located in historic Old Town Alexandria, Virginia. JLL represented the seller and procured the buyer, Mel- rose Solomon Enterprises. JLL also arranged acquisi - tion financing on behalf of the buyer. Located in the heart of Old Town Alexandria at 510 King St., the five-floor building boasts full-block frontage
Sayreville Aerial
along one of Washington D.C.’s premier retail corri - dors, providing tenants access to premier dining, shopping, and entertainment. It also has ideal proximity to the Alex - andria Waterfront, Metrorail and many parks and trails
along the Potomac River. The JLL Capital Markets In - vestment Sales team was led by Stephen Conley, Matt Nich- olson, Kevin Byrd, Andrew Weir, Jim Meisel and Dave Baker . The financing was led by Drake Greer . MAREJ
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