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Castle Development Partners to Utilize $38M Build Loan for Williamsburg OZ Residence
Charlottesville, VA-based Castle Development Partners is utilizing a $38.1-million loan to fund construction of a multifamily on a formerly blighted, 11-acre site in Williamsburg, VA.
AGM Financial Services, Inc., arranged the FHA-insured loan. Richmond, VA-based Breeden Construction is the project’s general contractor.
Castle’s plans call for the demolition of a closed hotel and replacement with the 162-unit Governor’s Inn residential community. The property is located within an opportunity zone and will have 21 apartments set aside at below market rates for income-qualified families.
“This plan will provide much-needed market rate and affordable housing, while respecting the character of the historic center of Williamsburg,” said Margaret Allen, founder and CEO of AGM Financial Services. “It’s a great opportunity to reposition a well-located site into high-quality housing that will benefit the community,” added to Andrew McGinty, head of operations management at Castle Development Partners.
- ◦Development
