$41.9M apartment building coming to Richmond’s Manchester neighborhood
Commodore will have 173 units, 7 stories
Atlanta and Washington, D.C.-based developer Capital City Real Estate is building a seven-story, 173,000-square-foot multifamily project in Richmond’s Manchester neighborhood about a mile from downtown Richmond. Colliers, which assisted with the financing, announced the $41.9 million project Nov. 11.
Commodore will have 173 residential units and 3,500 square feet of ground-floor retail space. Construction is set to begin in the fourth quarter and will be complete in the second quarter of 2023, according to a news release from Colliers Structured Finance Advisory Group, which provided the financing. The property will have one-, two- and three-bedroom apartments.
Colliers closed a $41.9 million debt and equity raise for the project.
Colliers’ Jeremy Thornton, Andrew Gibson and Nicole Sayers sourced a loan valued at $27.5 million with a regional bank on behalf of the developer and helped raise $14.4 million in equity with an institutional partner.