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Castle Development Partners has secured $38.1 million to construct in a Williamsburg, VA opportunity zone.

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.

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AGM Financial Services, Inc.'s Allen

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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