RICHMOND, VA – Capital Square, a leading sponsor of tax-advantaged real estate investments, announced today that the firm has secured a loan from M&T Bank to facilitate the construction of Scott’s Collection I, a mixed-use multifamily property in the Scott’s Addition designated opportunity zone in Richmond, Virginia.
The development of Scott’s Collection I is the direct result of CSRA Opportunity Zone Fund I, LLC, a project-specific opportunity zone fund launched by Capital Square in July 2019. The opportunity zone fund raised equity to start the development of the project.
“Capital Square’s Scott’s Collection I is an vital part of the transformation of Richmond’s Scott’s Addition neighborhood,” said Louis Rogers, founder and chief executive officer of Capital Square. “Our partnership with M&T Bank highlights the strength and vitality of the project. Lenders have become increasingly cautious since the outbreak of the coronavirus pandemic. Capital Square’s ability to source this loan during the pandemic demonstrates the depth of our lender relationships and the importance of the Scott’s Collection development as part of the revitalization of this emerging neighborhood.”
Part of a collection of three mixed-use multifamily properties, Scott’s Collection is Capital Square’s inaugural development project and part of the transformation of Scott’s Addition from an industrial part of Greater Richmond into a thriving hip, urban residential and retail destination.
Rogers noted that Scott’s Collection will bring over $50 million in revitalization to the surrounding area.
Located at 3000 – 3008 West Clay St., Scott’s Collection I is a single-structure, ground-up development that will include a five-tale, Class A multifamily community with 80 units, private balconies and a lobby area. Situated on approximately 0.54 acres of land, Scott’s Collection I will feature a 3,700-square-foot, elevated courtyard and 65-70 onsite parking spaces. The corner-lot property has unobstructed views of the Scott’s Addition neighborhood and downtown Richmond.
Capital Square was represented by Jamie Butler, managing director of capital markets at Walker & Dunlop, in securing the construction loan from M&T Bank.
“We are pleased to deliver this modern development to Capital Square’s home city and to provide employment opportunities to those in our local community,” said Adam Stifel, executive vice president of development.

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POOLER, GA – McShane Construction Company completed the construction of a new luxury apartment community, known as Parc at Pooler, on behalf of Equity Resources, LLC. Located on 21 acres at 2200 Ancient Quacco Road in Pooler, Georgia, the development features 280 units.
With nearly 19,000 square feet of amenity space, Parc at Pooler provides residents with a right resort-style living experience, commented Scott Hoppa, Senior Vice President at McShane. This, combined with its prime location near Savannah and luxury finishes, should make the community a fantastic success for our client.
Designed by Atlanta, Georgia-based Dynamik Design, the apartment community incorporates seven three-tale residential buildings, all of which offer elevator access. Residents are able to choose from 105 one-bedroom units, 127 two- bedroom units, 26 three-bedroom units and 22 studio units.
Units boast a number of high-end features such as granite counter tops, undermount sinks, custom routed wood cabinetry with brushed nickel hardware, stainless steel appliances and upscale wood end flooring. Each apartment home also contains a sunroom or balcony.
Additionally, the development offers nearly 6,800 square feet of interior amenity space, including a Class A clubhouse that features an athletic club with a cardio theatre, resistance and free weights, a gourmet coffee and hot tea bar, a resident retreat with media and gaming and a cyber-business café.
The 12,000-square-foot outdoor amenity area includes a resort-style swimming pool with an expansive Wi-Fi sundeck and soothing fountains, a California kitchen area, a car care center and a well-appointed dog park, complete with agility equipment and a dog wash.
McShane also provided all site work for the assignment, including eight stand-alone garages, landscape, hardscape and parking lots.
Named National Multi-Family Builder of the Year by the National Association of Home Builders, McShane has constructed more than 20,000 units across the country.

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LADY LAKE, FL – ConcordRENTS announced the ground breaking of Lake Sumter Apartment Homes, a $28.7 million affordable housing community, consisting of 158 apartment homes serving those making 40% – 80% of the area median income. Located minutes from the Lake Sumter Landing in The Villages, Lake Sumter Apartment Homes is the newest affordable community in 16 years in Sumter County.
Lake Sumter Apartment Homes is dedicated to provide safe and quality housing for the expanding needs of families in Sumter County. The community will appeal to the most discerning preferences including traditional 3-Tale Garden style building designs as well as unique Carriage Homes over Garages. Each home will be fully equipped with granite countertops and CleanSteel energy efficient appliances, along with other modern finishes. By offering more 3 and 4 bedroom homes than most other apartments communities, it provides opportunity for larger families and those wanting additional space for a guest room or home office. The residents will also be able to take advantage of community amenities with a business center, heart healthy cardio and fitness studio, walking path along community pond and a dog park.
The Villages is one of the largest age-restricted active adult communities in the country, expanding over 3 counties and 20,000 acres, and filled with over 100 miles of golf cart legal streets and trails. This 55+ community features three town squares, 60 recreational centers, as well as 12 championship golf courses, including the well-known Palmer Legends and Lake Sumter Apartment Homes is located just minutes from the epicenter.
Funding for Lake Sumter Apartment Homes comes from $14.3 million in Tax-Exempt Bonds, issued by the Housing Finance Authority of Volusia County, $10.85 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corporation, and other sources provided through by the Developer, Atlantic Housing Partners, L.L.L.P.
ConcordRENTS is a national leader in high quality, customer-focused property management of affordable multifamily rental housing. ConcordRENTS oversees over 100 properties in Florida.

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