Attain at Greenbrier & Attain at Swift Creek | Case Study

The Situation

Bonaventure is expanding its portfolio in Virginia with two new multifamily developments that will bring 612 market-rate apartments to growing communities in Chesapeake and Chesterfield County.

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Attain at Greenbrier is a 268-unit community planned on approximately 9.6 acres in Chesapeake’s Greenbrier neighborhood. Attain at Swift Creek, located in Chesterfield County, just south of Richmond, will include 344 apartments across three four-story residential buildings.

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To move both developments forward, Bonaventure sought construction financing that would support its long-term ownership strategy and continued expansion across Virginia.

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The Solution

Walker & Dunlop FHA Finance arranged nearly $142 million in financing on behalf of Bonaventure through the U.S. Department of Housing and Urban Development (HUD) Section 221(d)(4) loan program.

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Chris Rumul, Senior Managing Director of FHA Finance, Jason Silva, Cole Parker, and Mike Valucci arranged the financings, including a $62 million HUD Section 221(d)(4) construction loan for Attain at Greenbrier and a $79.9 million HUD Section 221(d)(4) construction loan for Attain at Swift Creek.

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For Attain at Swift Creek, the 40-year, fixed-rate HUD Section 221(d)(4) loan provides construction and permanent financing in a single execution. Bonaventure has described the financing as consistent with its strategy of building and holding communities for long-term ownership.

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The transactions build on Walker & Dunlop’s long-standing relationship with Bonaventure and Walker & Dunlop’s experience with the HUD Section 221(d)(4) program.

The Result

With financing secured, the two developments are positioned to add 612 market-rate apartment homes across Chesapeake and Chesterfield County.

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Attain at Greenbrier will feature 268 apartments with amenities including a clubhouse, fitness center, resort-style pool, grilling stations, fire pits, and a dog park. Located within walking distance of Greenbrier Mall, the community will offer access to shopping, dining, healthcare, employment centers, and major transportation corridors throughout the Hampton Roads region.

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Attain at Swift Creek will deliver 344 apartment homes with one-, two-, and three-bedroom floor plans. Planned amenities include a clubhouse, fitness center, theater, resort-style pool, grilling pavilion, and dog park. Located near Route 10, the community will provide access to regional employers, retail destinations, and transportation networks serving the greater Richmond area.

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The two developments continue the expansion of Bonaventure’s portfolio in Virginia.