Walker & Dunlop Arranges Joint Venture Equity Partnership and Construction Financing for $132 Million Multifamily Development in Richmond's Scott's Addition District

BETHESDA, Md.--(BUSINESS WIRE)--Mar 30, 2026--

Walker & Dunlop, Inc. announced today that it has arranged the joint venture partnership between AIP, Pointsfive, and Bridge Investment Group for the landmark $132 million redevelopment of the former Greyhound Bus Station in Richmond, Virginia into a multifamily community. The firm secured the equity, in addition to an $85.6 million construction financing with Madison Realty Capital. Upon completion, the 550,000-square-foot project will deliver 386 Class A residences and over 14,000 square feet of retail in Richmond’s Scott’s Addition District, one of the city’s fastest-growing neighborhoods.

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“We are honored to collaborate with this exceptional best-in-class partnership. Together, we will bring a world-class residential experience, with curated urban retail spaces that emphasize street-level activation and urban connectivity, unrivaled amenities, and sustainably focused design to life in this historic location,” said Scott Allen, founder and CEO of AIP.

“This submarket has all the qualities we look for in a multifamily development location: walkability, unique mixed-use urban character, day and night entertainment drivers, and consistently strong renter growth relative to supply,” said Tristan Nadal, founder and CEO of Pointsfive.

Walker & Dunlop Capital Markets Institutional Advisory and Equity & Structured Finance served as exclusive advisor to co-developers, AIP and Pointsfive. Mo Beler, Jonathan Paine, Heather McClure, Cory Elbaum, Michael Williams, and Jackson Irwin arranged the venture equity investment from Bridge Investment Group while Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, and Michael Brown secured construction financing with Madison Realty Capital.

“This transaction and development reflect the strength of one of the Mid-Atlantic’s fastest-growing urban submarkets of Richmond, Virginia and the exceptional quality of this multifamily development and sponsorship,” said Beler, senior managing director of Capital Markets and co-head of Equity & Structured Finance at Walker & Dunlop. “Scott’s Addition continues to benefit from strong fundamentals, including steady rent growth, projected household expansion, and a well-documented shortage of quality housing driven by population and employment growth. We’re proud to have partnered with AIP, Pointsfive, Bridge Investment Group, and Madison Realty Capital to capitalize this iconic project and bring it to fruition.”

Scott’s Addition has undergone one of the most remarkable urban transformations on the East Coast, evolving from a quiet industrial warehouse district into Richmond’s most vibrant walkable neighborhood in less than a decade. Today, in less than one square mile, it is home to more than a dozen craft breweries, destination James Beard-nominated restaurants, boutique fitness studios, coffee shops, retailers, creative office spaces, and multifamily housing — all connected by tree-lined sidewalks and a growing network of bike infrastructure. The neighborhood’s industrial bones give it an authenticity that purpose-built mixed-use districts struggle to replicate, attracting a young professional demographic that prioritizes urban lifestyle. With the adjacent $2.4 billion Diamond District redevelopment, the largest redevelopment in the city’s history, and the new minor league ballpark to the east (home to the Double-A Eastern League affiliate of the San Francisco Giants), Scott’s Addition is transitioning from Richmond’s best-kept secret to its most institutionally developed submarket.

The property at 2910 North Arthur Ashe Boulevard is within a federally designated Qualified Opportunity Zone and provides long-term investment benefits. The site, formerly a Greyhound bus terminal and service depot, will be cleared for redevelopment. The development team has created an architectural design that enhances urban connectivity and engagement, with an expansive residential porte-cochere along West Boulevard complementing enlarged sidewalks, corner retail plaza, and over 400 linear feet of retail-forward presence on North Arthur Ashe Boulevard. Residents will benefit from three outdoor open-air courtyards and over 55,000 square feet of indoor and outdoor amenities.

Upon completion, residents will enjoy one of the most walkable urban neighborhoods and, with direct access to I-64, I-95, and Highway 250, will be able to connect to Richmond’s broader network of cultural institutions, outdoor park system, trail networks, and the James River. Construction is set to commence in the second quarter of 2026.

In 2025, Walker & Dunlop’s Capital Markets team sourced over $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

Photo Credit: AIP, Pointsfive, Bridge

SAN FRANCISCO (AP) — Formally dressed in a traditional Qatari bisht, Dr. Nasser Mohamed strolled past a crowd of several hundred people outside Chase Center as the England-Croatia World Cup match was shown high above on the big screen. His gold-and-black robe featured a flourish: rainbow piping down each sleeve and the words “love” and “freedom” written in Arabic.

“That’s why the World Cup is really powerful, because people don’t need to hear about who I am — I can just walk, be seen, and that’s it,” he said. “We don’t have to say a word.”

Four years ago, when the World Cup was played in his home country and Mohamed was already living across the world in San Francisco, he came out and became an exceptionally rare openly gay man from Qatar, where gay sex is prohibited and he can't dress how he'd like.

Mohamed is speaking up again for those without a voice. The 39-year-old now feels secure enough to walk around with confidence, and without fear of harm, while wearing chunky heeled boots, mascara and 2-inch dangly earrings. He still gets regular backlash and hate, but he has also found support and kindness from around the globe that helps drown out the death threats and divisiveness.

“I am so loved in San Francisco, really, truly,” Mohamed said of the city he moved to more than a decade ago. “I have not worn this since I was a kid in Qatar, and San Francisco put it back on my shoulders, with rainbows.”

For him, donning the bisht for everyone to see is important: “The emir of Qatar put it on (Lionel) Messi at the last World Cup to celebrate Messi. We should be celebrated too.”

An LGBTQ+ activist and family doctor who treats HIV, “Dr. Nas” — as he is known — launched his “Love is the Goal” campaign ahead of the World Cup and Pride Month, hoping to humanize all people taking part. For a video, he combined soccer lingo with references to love, such as him reading “love is kickoff, the very first touch,” and someone else offering “love is the assist, finding you exactly where you are.”

“Saving a life like mine is very expensive, and I know that, and this is the hard truth,” Mohamed said. “So that’s why I had to pave my own path and get out. I lost everything. I’m disowned completely. I had to build myself from scratch, the ground up, all of it.”

On Wednesday, Qatar plays its final group-stage match, against Bosnia-Herzegovina in Seattle. Mohamed won't be there, but he was at the team's first game, on June 13 in Santa Clara, California. He had clear and visible security, and was escorted by California state Sen. Scott Wiener to the 1-1 draw with Switzerland. A photo from the day has more than 12 million views on social media.

“As I was passing, everybody was taking pictures of me with the senator,” he recalled. “It was so dramatic.”

And emotional.

“In the stadium I couldn’t speak because if I started talking I’m not going to stop crying, because when am I going to see Qatar again in my life?” Mohamed said through tears. “When is it ever going to happen again? I don’t know. When am I going to see home? I can’t see Mom and Dad, even when they were getting hit by missiles.”

After the game, he hosted a dance party at the San Francisco Mint highlighted by a performance “Let Your Love Shine,” written by close friend Simon Tam and sung by Debby Holiday.

“Nas’ journey moves me because it is rooted in extraordinary courage and an enormous heart,” Tam said. “He’s taken his own truth and turned it into a way to help others feel seen, worthy, and less alone.”

Tam believes Mohamed can change the world — and that's the doctor's hope, too.

“The first step to heal is to witness things the way they are,” Mohamed said. “My endgame is for every child to belong with their own family and their own society.”

Still, it breaks his heart knowing he can't go back to Qatar. Mohamed has been ostracized by his own family because of his sexuality and for standing up to power to help others. For those in need, including a transgender woman who had been imprisoned and tortured, he has aided their moves out of Qatar and secured resources so they could rebuild their lives elsewhere.

Mohamed is thankful for this new existence, embracing the obstacles that come with his work, even as he believes his safety could be at stake.

“We all fled persecution and took political asylum in the U.S., and now we invited all of them to come here to play soccer,” he said. “I didn’t feel safe leaving my apartment.”

Still, after everything, he roots for Qatar — and the Americans. He plans to watch the U.S. during the round of 32 next week in Santa Clara.

“I am cheering for both the United States and for Qatar with love,” he said. “They both had homes for me and, when I challenge either of them, it is out of love, and I mean it.”

AP World Cup: https://apnews.com/fifa-world-cup

Dr. Nasser Mohamed, of Qatar, is photographed, Wednesday, June 17, 2026, in San Francisco. (AP Photo/Jeff Chiu)

Dr. Nasser Mohamed, of Qatar, is photographed, Wednesday, June 17, 2026, in San Francisco. (AP Photo/Jeff Chiu)

Dr. Nasser Mohamed, of Qatar, is photographed, Wednesday, June 17, 2026, in San Francisco. (AP Photo/Jeff Chiu)

Dr. Nasser Mohamed, of Qatar, is photographed, Wednesday, June 17, 2026, in San Francisco. (AP Photo/Jeff Chiu)

Dr. Nasser Mohamed, of Qatar, is photographed, Wednesday, June 17, 2026, in San Francisco. (AP Photo/Jeff Chiu)