BHI, the U.S. division of Israel’s Hapoalim Bank, has provided $ 26.5 million in construction financing for the redevelopment of 629 E. Main Street in Richmond, Virginia.
The 12-story office building will be converted to mixed-use multi-family buildings by Douglas Development Corporation (DDC), which will convert the property into 188 rental units comprising of studios and one- and two-bedroom apartments and 132,806 square feet of living space. commercial space.
The construction of 629 E. Main Street will allow for a complete renovation of the building, which was constructed in 1922, while preserving its historic interior and architectural details.
The property is located in the heart of downtown Richmond, the state capital of Virginia, just minutes from the Virginia State Capitol building, City Hall and major city attractions. Richmond is the state’s third most populous region and a transportation hub, home to several corporations and five of the state’s largest law firms.
“BHI works with us as an expert partner who understands our business and supports our goals. The bank has demonstrated its confidence in our vision for the conversion of 629 E. Main Street, which we believe is a premier property, especially given its central location and period architecture, ”said said Norman Jemal, director of Douglas Development Corporation.
629 Main Street is the second similar transaction that BHI has funded for Douglas Development, which has 30 years of experience in the District of Columbia as well as the surrounding suburbs of Virginia and Maryland.
“BHI’s long-standing relationship with Douglas Development Corporation is indicative of our personal approach to customer service. We tailor financial solutions to meet the individual needs and growth goals of our clients. Our goal is to partner with our clients, not just for a single transaction, but for the long term, ”said Gil Karni, CEO of BHI.
“Reallocation of assets has become a highly viable approach to meet the growing demand in the multi-family sector. We have worked with Norman and his team for several years. They recognized the potential of the Richmond property and we look forward to the opportunity to collaborate with them again on this new project, ”said Mimi Vu, Senior Vice President, Head of NA Originations at BHI.
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