Walker & Dunlop arranged $86.5 million in bridge financing for Chasen, a newly completed 352-unit multifamily community in Richmond, Virginia's Scott's Addition neighborhood. I read that as a serious commitment to a building that hasn't had time to prove itself.
The variable-rate, interest-only loan was arranged by Walker & Dunlop Capital Markets Real Estate Finance through a private credit lender.
The bridge financing is intended to provide Capital Square with flexibility as the recently completed property builds its operating history and advances its longer-term investment strategy.
Chasen is located in a Qualified Opportunity Zone, a designated area eligible for certain tax incentives under a federal economic development program. The development offers studio, one-bedroom, two-bedroom and three-bedroom apartments, alongside more than 5,000 square feet of ground-floor retail space.
During the first half of 2026, Walker & Dunlop's Capital Markets team sourced more than $13.9 billion from non-Agency capital providers, including nearly $9.6 billion for multifamily properties. That tells me private credit is a big part of the financing picture for new apartments right now.
Ask your lender what happens if rates move against you before you can refinance out of the bridge.