Octagon Finance Provides $68M for Richmond Office-To-Residential Conversion
Octagon Finance has provided a $68 million Unitranche loan to support the construction of Altitude on Main, a transformative 302-unit, 17-story mixed-use development in downtown Richmond, Virginia.
The project is developed by Nick Patel with Kalyan Hospitality and Steven Walker with RPC Capital. This exciting project will revitalize a historic office building at 801 East Main Street, converting it into a modern, multifamily complex. The $68 million loan included significant Historic Tax Credits. The new development will feature 8,500 square feet of ground floor retail space and 366 parking spaces, including a three-level subsurface garage and adjacent parking deck.
“Financing Altitude on Main reflects our confidence in its long-term value and the strength of this transformative project. Partnering with Kalyan Hospitality and RPC Capital, we structured a creative solution leveraging Historic Tax Credits to maximize impact,” said JP Williamson, Managing Partner of Octagon.
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Logisco Launches $60M Quebec Rental Project With New Brand
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout