BHI Provides $56M to Redevelop Richmond Office Tower into Hotel, Multifamily Project
BHI, the U.S. Branch of Bank Hapoalim, B.M., has provided developer Douglas Development with a $56 million construction loan to reposition the former Dominion Energy high-rise office building located at 707 East Main Street in downtown Richmond, Virginia.
The financing is part of a broader $158.44 million capitalization for the project at the 20-story Eighth & Main office tower. The site will feature a 210-key full-service hotel totaling 115,500 square feet, as well as 288 residential multifamily units across 157,450 square feet. The building will include separate first-floor hotel and residential lobbies with dedicated elevator banks, as well as four levels of underground parking.
“BHI’s lending strategy embraces all facets of what it means to reimagine how commercial real estate can operate as an evolving component of the communities that it serves,” said Mimi Vu, Senior Vice President and Head of CRE Loan Origination, Northeast Region at BHI. “This project exemplifies that philosophy by transforming a downtown Richmond office building into a vibrant, mixed-use destination.”
Nominate Commercial Real Estate’s Leading Investment Sales and Leasing Brokers — For the ninth year in a row, Connect CRE will spotlight the industry’s top brokers based on the past year’s achievements. Click here to submit your nominations.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout