BHI Lends $27M for Virginia Mixed-Use, Multifamily Redevelopment
By Andrew Coen March 10, 2021 2:19 pm
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Douglas Development Corporation (DDC) has nabbed nearly $27 million in construction debt for the redevelopment of a mixed-use, multifamily asset in Richmond, Va.
BHI originated the loan that will finance DDC’s planned conversion of the property at 629 E. Main Street to 188 rental units and 132,806 square feet of commercial space, according to an announcement from the bank today.
The transaction was originated by Steven Caligor, executive vice president and division executive of the BHI Structured Finance Group, and Mimi Vu, first vice president of BHI Commercial Real Estate.
“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,” DDC Principal Norman Jemal said in a statement.
BHI also provided DDC a $47 million bridge loan in 2019 to refinance the Moxy, a 200-key, boutique hotel in Downtown Washington, D.C. DDC, which is based in D.C., has tackled redevelopment projects in the nation’s capital, suburban Maryland and Virginia for the past three decades.
“They recognized the potential of the Richmond property and we welcome the opportunity to collaborate with them again on this new project,” Caligor said in a statement.
