Middleburg and Harbor Group International have secured construction financing from Truist Bank for their 299-unit multifamily development, Scottwood, in Richmond, VA. Construction will begin this month, with initial unit deliveries expected by late 2027.
“We expect the acquisition of these high-quality multifamily properties to further enhance our growing portfolio.”
“A lot of them have pivoted toward experienced groups, and then they’ve also very much started to think a lot about diversification.”
Truist Bank has provided an undisclosed amount of construction financing for the Scottwood project, which will begin construction in April 2026. The development will consist of two four-story buildings, with 132 and 167 units respectively.
This development indicates continued investor interest in the Richmond market, suggesting potential capital appreciation and rental income growth opportunities in the multifamily sector.
Interest rate fluctuations
HighConsider interest rate hedging strategies to manage potential increases in borrowing costs.
Construction delays
MediumImplement robust project management and contingency planning to minimize delays.
Market saturation
LowConduct thorough market analysis to ensure demand aligns with supply projections.
The article reports that Middleburg and Harbor Group International have secured construction financing from Truist Bank for a 299-unit multifamily development named Scottwood in Richmond, VA. The project will be located at 4400 W. Broad St., near the Scott's Addition District, and will consist of two four-story buildings. Construction is set to begin in April 2026, with initial unit deliveries expected by late 2027. The development will feature curated courtyards and amenity spaces along West Broad Street.
This source provides detailed information about the project's location, design, and timeline, which are critical for assessing the development's potential impact on the Richmond market.
The Richmond multifamily market is poised for growth, driven by institutional capital flows and regional demand.
REBusinessOnline
On April 3, 2026, Middleburg and HGI announced securing construction financing from Truist Bank for the Scottwood project. Construction will commence in April 2026, with initial unit deliveries anticipated by late 2027 [REBusinessOnline].
End of Intelligence Report · 1 Sources Verified