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BHI Arranges $26.5MM Construction Financing for Redevelopment of Office Building in VA

March 11, 2021, 07:00 AM
Filed Under: Real Estate
Related: BHI

BHI arranged $26.5 million in construction financing for the redevelopment of 629 E. Main Street in Richmond, Virginia, a 12-story office building that will be converted to mixed use multi-family. The borrower is Douglas Development Corporation (DDC), which will convert the property to 188 rental units comprising studios and one and two-bedroom apartments, and 132,806 square feet of commercial space.  

The construction of 629 E. Main Street will allow for a complete renovation of the building, which was built in 1922, while still preserving its historic interior and architectural details.  The property is located in the heart of downtown Richmond, the Virginia state capital, just minutes from the Virginia State Capitol building, City Hall, and the city’s main attractions.  Richmond is the third most populous area in the state and a transportation crossroads, home to multiple corporations and five of the state’s largest law firms.

“BHI works with us to understand our business and support our goals. The bank has demonstrated confidence in our vision for the conversion of 629 E. Main Street, which we believe is a prime property, especially given its central location and period architecture,” said Norman Jemal, Principal of Douglas Development Corporation.  

629 Main Street is the second similar transaction that BHI has funded for Douglas Development, which has a thirty-year track record in the District of Columbia as well as surrounding suburban Virginia and Maryland, earning a reputation for revitalizing underdeveloped, emerging areas.

“BHI’s long-standing relationship with Douglas Development Corporation is indicative of our personal approach to client service.  We tailor financial solutions to meet clients’ individual needs and growth objectives.  Our goal is to partner with clients, not just for a single transaction, but over the long term,” said Gil Karni, BHI Chief Executive Officer.

“The repurposing of assets has become a highly viable approach to meet the burgeoning demand in the multi-family sector.  We have worked with Norman and his team over a period of years.  They recognized the potential of the Richmond property and we welcome the opportunity to collaborate with them again on this new project,” said Steven Caligor, Executive Vice President and Division Executive of the BHI Structured Finance Group – CRE, Healthcare, Technology and Treasury Services. 

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