RICHMOND, VA. — Colliers has secured a total of $41.9 million in debt and equity for Commodore, a 173-unit multifamily project in Richmond’s Manchester neighborhood. Jeremy Thornton, Andrew Gibson, Nicole Sayers and Evan Mannis of Colliers sourced a $27.5 million loan with a regional bank on behalf of the developer, Capital City Real Estate, and helped raise $14.4 million in equity via an institutional partner. The lender and equity partner involved with the Commodore project were not disclosed.
The seven-floor multifamily development will offer one-, two- and three-bedroom floorplans. The units will feature large windows and nine-foot ceilings with 80 percent of the units featuring balconies or terraces. Community amenities will include two stories of parking and bike storage, a pool, rooftop lounge, fitness center, two courtyards, dog wash and run and cold storage for grocery deliveries. The 173,000-square-foot project will also include 3,500 square feet of ground floor retail space. Construction is set to begin in the fourth quarter and slated for completion in the second quarter of 2023.