Greystone Lends $29M for Richmond Apartments Acquisition

A joint venture between Conserve Holdings and Calibogue Capital has landed $28.9 million of acquisition financing to purchase a multifamily asset in Richmond, Va., Commercial Observer has learned.

Greystone supplied the five-year, full-term, interest-only Fannie Mae-backed loan for Conserve’s $45 million acquisition of the Sphere property from MVP Equities.

“The Sphere is a well-positioned asset that supports our commitment to financing quality housing in growing communities,” Alex Basile, executive director at Greystone, said in a statement.

Newmark’s Garrison Gore arranged the transaction, which closed at a 4.81 interest rate, according to Conserve. The 224-unit apartment complex at 2005 Brook Road is adjacent to the 103-unit Spectrum multifamily community that Conserve acquired in November 2024 for an undisclosed purchase price. 

“Our expansion in Richmond continues with the Sphere, a community that perfectly complements the Spectrum next door,” David Walkin, principal of Conserve Holdings, said in a statement.  “This acquisition highlights our belief in Richmond’s long-term growth and underscores our strategy of acquiring high-quality communities in key markets.”

Officials at Calibogue Capital did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.