Updated May 12, 2025
Kalyan Hospitality And RPC Capital Secures $68 Million Loan From Octagon Finance For Altitude On Main Project
801 East Main Street
$68,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Apr 9, 2025
About this deal
AI
The asset involved is a multifamily property located at 801 East Main Street in Richmond, VA. This property is part of the Altitude on Main project, which is converting a former office building into 301 apartments accompanied by retail space. The construction loan issued for the project amounts to $68 million.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $68,000,000
- Lender: Octagon Finance
- Landlord: Nick Patel - Kalyan Hospitality & Steven Walker - RPC Capital
- Loan Type: Construction
This transaction marks a significant collaboration between Kalyan Hospitality and RPC Capital, who are responsible for securing financing for this redevelopment effort. The deal reflects the participation of Octagon Finance as the lending institution, facilitating the transformation of the property in Downtown Richmond.
On the Map
$68,000,000
MultiFamily
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Players
Richmond MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93