Middleburg and Harbor Group International Secure Construction Financing for Scottwood, a 299-Unit Class A Multifamily Development in Richmond, Virginia
Middleburg and Harbor Group International Secure Construction Financing for Scottwood, a 299-Unit Class A Multifamily Development in Richmond, Virginia
Project to Break Ground Near Scott's Addition, Anchoring Key Site in Henrico's Westwood Special Focus Area
VIENNA, Va.--(BUSINESS WIRE)--Middleburg and Harbor Group International, LLC (HGI) today announced the closing of construction financing for Scottwood, a 299-unit Class A multifamily development located at 4400 West Broad Street at the boundary of the City of Richmond and Henrico County. Construction is set to commence this April, with initial deliveries anticipated in late 2027. The project is a joint venture between Middleburg and affiliates of Harbor Group International. Financing was provided by Truist Bank.
With this investment, HGI has now surpassed $1 billion in total development investments since 2023, having participated as a limited partner in multiple development joint ventures spanning more than 3,600 units nationwide.
A central site within Henrico County's Westwood Revitalization/Reinvestment Opportunity Special Focus Area, Scottwood sits just west of Scott's Addition along a corridor that Henrico has specifically planned 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 residents with direct connectivity to the broader region. Middleburg expects Scottwood to be one of the many catalysts for continued investment along the corridor, and both Henrico County and the City of Richmond were engaged throughout the development process to ensure the project advances the goals of each jurisdiction.
Scottwood presented a unique jurisdictional challenge, requiring Middleburg’s development team to secure offsite easements across surrounding properties to extend Henrico County utilities to a site that straddles the City of Richmond and Henrico County – a hurdle that had stalled prior development efforts on the site. Middleburg worked closely with both jurisdictions to resolve the necessary approvals and advance 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, a balance Middleburg has pursued across Virginia for decades. The project features individually curated courtyards throughout the property and activated amenity spaces along the West Broad Street frontage – a reflection of the firm's broader model of finding well-located infill sites where disciplined development can serve real housing demand without compromising the resident experience.
About Middleburg
Middleburg is a vertically integrated real estate investment, development, and construction firm operating in the highest growth markets across the United States. Since 2004, the firm has completed more than $4.5 billion in transactions and delivered over 32,000 homes across nine states. Headquartered in Vienna, Virginia, Middleburg operates through four integrated companies and has achieved a 30%+ realized IRR across multiple market cycles. For more information, please visit www.middleburg.com.
About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $21 billion, including 65,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, Harbor Group International maintains offices in New York, Baltimore, Los Angeles, Hong Kong, and Tel Aviv. Follow Harbor Group International on LinkedIn.
