Douglaston Development Secures $56 Million Construction Loan From Bank Hapoalim For Richmond Office Conversion

The property asset involved in this transaction is located at 707 East Main Street, Richmond, VA. It is classified as an office building undergoing conversion. The loan amount secured for this project is $56,000,000, which is allocated for construction purposes to transform the old Dominion Energy building into a hotel, apartments, and parking facilities. The total cost of the project is projected to reach $158.44 million, contributing to the creation of a new community space.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $56,000,000
• Lender: Bank Hapoalim (BHI)
• Landlord: Douglaston Development
• Project Total Costs: $158.44 million

The deal is facilitated by Bank Hapoalim (BHI), which is providing the necessary funding for the construction efforts led by Douglaston Development. This collaboration aims to revitalize the site and enhance the local market landscape through extensive development efforts.