Middleburg and Harbor Group Secure Construction Financing for Scottwood Two Hundred Ninety Nine Unit Class A Transit Oriented Infill Near Richmond
Middleburg and Harbor Group International have closed construction financing for Scottwood, a 299-unit Class A multifamily development at 4400 West Broad Street on the boundary of the City of Richmond and Henrico County. The joint venture secured construction debt from Truist Bank. Construction is scheduled to begin in April, with initial deliveries expected in late 2027.
Harbor Group International’s participation brings the firm’s total development investments to more than $1 billion since 2023, with HGI serving as a limited partner in joint ventures spanning over 3,600 units nationwide.
Scottwood is sited within Henrico County’s Westwood Revitalization/Reinvestment Opportunity Special Focus Area and sits just west of Scott’s Addition along a corridor identified for mixed-use redevelopment, including residential, restaurants, breweries, offices and entertainment. The Pulse bus rapid transit line runs along West Broad Street with stations nearby, providing direct connectivity to the broader region. Middleburg expects the project to be among the catalysts for continued investment along the corridor. Both Henrico County and the City of Richmond were engaged throughout the development process to align the project with each jurisdiction’s goals.
The development team navigated a notable jurisdictional challenge: securing offsite easements across surrounding properties to extend Henrico County utilities to a site that straddles the two jurisdictions. That constraint had stalled prior development efforts on the parcel. Middleburg worked with both jurisdictions to secure the necessary approvals and move the project to construction.
“This project is one of the most complex we ve pursued in the market, and we are proud of what our team and partners have accomplished in bringing it to this point, said Ross Magette, Development Partner for Middleburg. This corridor has a real rental housing demand, and we are committed to delivering a community that meets it – in quality, in amenities, and in its role in the future of this part of Richmond.”
“We are pleased to partner with Middleburg on this project and leverage their local expertise and execution capabilities to bring it to fruition, said Yisroel Berg, Chief Investment Officer of Multifamily at HGI. Investments like Scottwood reflect our focus on working alongside experienced developers to deliver high-quality housing in markets with strong fundamentals. This project represents a compelling opportunity to bring thoughtfully designed housing to a growing area where we continue to see strong demand for new supply.”
Scottwood will deliver near top-of-market quality at a more attainable rent level, with individually curated courtyards and activated amenity spaces along the West Broad frontage. The project reflects a disciplined infill approach that aligns development execution with transit access and local planning objectives.
Multifamily Leadership will continue to monitor Scottwood as construction progresses and to surface learnings on complex infill development, public-private coordination, and transit-oriented multifamily projects for industry leaders.