Berkadia Arranges Debt & Equity Financing for Developers to Build New $144M Mixed-use Community in Richmond, Virginia
Richmond, Virginia – December 1, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today it secured equity and construction financing for a new $144 million mixed-use residential community located at 3200 W. Moore Street in Richmond, Virginia, on behalf of joint venture partners Hoffman & Associates and DeBartolo Development, LLC.
Senior Managing Director Brian Crivella and Managing Director Brian Gould of Berkadia DC Metro led the transaction, with support from Managing Directors Bill Gribbin and Yalda Ghamarian; Senior Managing Director Patrick McGlohn and Senior Director Hunter Wood; and Senior Managing Director Drew White, Managing Director Carter Wood and Director Cole Carns of Berkadia Richmond.
The financing structure includes a senior construction loan provided by TD Bank, and equity investment from Red Cove Capital.
Centrally located in the popular Scott’s Addition neighborhood of Richmond, Virginia, 3200 W Moore Street is a nearly 400,000-square-foot, mixed-use development that will include more than 18,000 square feet of retail space and approximately 366 apartment units at full build-out, adding to the neighborhood’s energetic mix. Future residents can enjoy over 10,000 square feet of highly sought-after amenities, including multiple courtyards and terraces, an expansive pool deck as well as lounge, dining, and event spaces. Demolition began in November 2025.
“Scott’s Addition has rapidly evolved into one of Richmond’s most dynamic urban neighborhoods, yet much of its multifamily housing stock reflects a more standardized, commodity-style approach,” said Crivella. “In today’s capital environment, assembling a full capital stack for a ground-up development is no small feat. The successful closing of this deal is a testament to the quality of the opportunity at 3200 W Moore.”
“2025 has been a challenging year to raise construction money, particularly equity capital,” said Gould. “The solid reception from capital providers on 3200 W. Moore reflects its best-in-class sponsorship, an irreplaceable location and attractive project economics.”
“As we continue to expand our presence across the Southeast, Richmond stands out as a city where we see long-term opportunity. Scott’s Addition reflects the kind of dynamic, connected neighborhood where our work can have real impact,” said Maria Thompson, President at Hoffman & Associates. “This project is a major milestone for us in Richmond, and we’re proud to bring our vision for thoughtful, sustainable development to one of the city’s most exciting communities.”
Scott’s Addition, located just northwest of Downtown Richmond, is a former industrial hub turned creative district known for its breweries, restaurants and cultural venues. The neighborhood offers exceptional transit access via I-95, I-64, I-195, the Powhite Parkway and Richmond’s bus network. It is adjacent to the Diamond District and close to VCU, Carytown and The Fan, making it one of the most connected areas in the city.
Hoffman, DeBartolo Land $144M for Richmond Project | Multihousing News
Hoffman & Associates, DeBartolo Secure $144M for Richmond Mixed-Use Development | Connect Media