BHI bank has announced that financing for the conversion development of 629 E Main Street to a multi-family facility in Richmond, Virginia. The bank has arranged US$26.5 million for the 12-story office building conversion which was allocated to Douglas Development Corporation (DDC) who 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. 629 E 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.
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629 E Main Street conversion multi-family development is to be 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.
“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 Jemal, the Principal of Douglas Development, 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.
“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 prime property, especially given its central location and period architecture,” said Norman Jemal, Principal of Douglas Development Corporation.
