Capital Square, a sponsor of tax-advantaged real estate investments, has secured a loan from Fulton Bank N.A. to construct Scott’s Collection II, a mixed-use multifamily property in the Scott’s Addition designated opportunity zone in Richmond, Virginia.
CSRA Opportunity Zone Fund II LLC, a project-specific opportunity zone fund launched by Capital Square in December 2019, raised equity to begin the development of Scott’s Collection II.
This follows CSRA Opportunity Zone Fund I LLC, a project-specific opportunity zone fund also launched by Capital Square to develop Scott’s Collection I, a similar property in Scott’s Addition.
Part of a collection of three mixed-use multifamily properties, Scott’s Collection II is Capital Square’s second development project and part of the transformation of Scott’s Addition from an industrial part of Greater Richmond into an urban residential and retail destination.
Capital Square said that Scott’s Collection is expected to bring more than $50 million in revitalization and new employment to the area.
Scott’s Collection II is a single-structure, ground-up development that will include a five-story, Class A multifamily community comprised of 60 units with balconies. Scott’s Collection II will include a wood-framed building above a concrete podium, 40 – 45 onsite parking spaces, courtyard with a kitchen, work space and approximately 2,100 square feet of ground-floor space.
Also, near the Scott’s Collection trio of developments is CSRA/GS Opportunity Zone V LLC, a project-specific opportunity zone fund raising capital to develop a 350-unit multifamily community with ground-floor retail space. The property will be a six-story, Class A multifamily community with 15,000 square feet of retail space. The 2.28-acre property will have 380 onsite parking spaces.
Yesterday, The DI Wire reported that Capital Square launched CS1031 Maplewood Estates MHC DST, a Regulation D Delaware statutory trust offering comprised of Maplewood Estates, an age-restricted manufactured housing community the Orlando suburb of Port Orange.
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. To date, Capital Square has completed more than $2.2 billion in transaction volume.
The firm’s related entities provide due diligence, acquisition, loan sourcing, property/asset management, and disposition, for high net worth investors, private equity firms, family offices and institutional investors.