Multifamily Demand Spurs Closing of $42M Debt, Equity Raise for 173-Unit in Richmond

Colliers has closed a $4.9 million debt and equity raise for a multifamily project to be named Commodore and located in Richmond’s Manchester neighborhood.

Colliers’ Structured Finance Advisory Group of EVP Jeremy Thornton, SVPs Andrew Gibson and Nicole Sayers and VP Evan Mannis sourced a loan valued at $27.5 million with a regional bank on behalf of the developer, Capital City Real Estate, and helped raise $14.4 million in equity with an institutional partner.

Commodore will be a seven-floor, 173,000-square-foot multifamily project, set to begin construction in the fourth quarter of 2021 and deliver in the second quarter of 2023. The building will include 173 residential units and 3,500 square-feet of prime ground floor retail space.

According to Colliers, Richmond has seen 3,520 multifamily units delivered and 3,860 absorbed in the last 12 months. The city’s above-average demand and vacancy compression drove asking rents up six percent year-over-year.