Cantor Fitzgerald and Silverstein Properties Announce Closing of $176 Million Construction Loan for Astra Tower in Salt Lake City
NEW YORK, September 21, 2022 /PRNewswire/ — Affiliates of Cantor Fitzgerald, LP, (“Cantor”), a leading global financial services firm and real estate investment firm, and Silverstein Properties (“Silverstein”), a leading global full-service real estate development, investment, and management company, announces the final closing of construction financing for an investment by Cantor Silverstein Opportunity Zone Trust, Inc. (“CSOZ Trust”).
Cantor and Silverstein, along with their partner Kensington Investment Company, Inc., secured the $176.2 million construction loan from Mack Real Estate Credit Strategies, LP for the development of Astra Tower, a 40-story, 377-unit residential project located in a qualified opportunity area in Downtown Salt Lake City. Excavation and foundation work began in the spring of 2022, and the project is expected to be completed by the end of 2024.
Cantor and Silverstein’s current Opportunity Zone development portfolio includes nine projects in seven states comprising 2,788 residential units and a 250,000 square foot life science facility totaling $2.0 billion in the estimated project costs. In addition to the Astra Tower, planned Opportunity Zone development projects include:
North Boulevard – a multi-family property of 354 units located in the Astoria Queens neighborhood, across the East River from Midtown Manhattan. The development allocates 25% of rental units to affordable housing. Silverstein began construction in the spring of 2022, with completion expected in the spring of 2024.
3.0 University Square – a 250,000 square foot office building, pre-certified LEED Platinum v4 for life sciences, located in University City, Philadelphia. The eight-story laboratory and office building recently received WELL v2 Platinum pre-certification. Construction began in May 2021 and “completed” in March 2022. Completion is scheduled for early 2023.
the Apex @meadows – a 334-unit multi-family property and two nearby buildings Vegas’ medical district and the Vegas Strip. Construction began in March 2021with completion expected in early 2024.
420 Carroll Street – a 360-unit multi-family property on from Brooklyn Gowanus Channel. The development is expected to comprise a 21-storey tower and an adjacent 16-storey tower and will have a direct connection to the Gowanus Canal promenade and public access area. When completed, the development is expected to allocate 25% of rental units to affordable housing. Construction began in the summer of 2022 and is expected to be completed in the winter of 2024.
Yesler West Terrace – a 200-unit multi-family property in the city center from Seattle Yesler Terrace Reddevelopment Area co-developed with our local partner Mack Real Estate Group. Construction on the project began in the summer of 2022 and is expected to be completed in the summer of 2024. Once complete, the Yesler Terrace redevelopment area is expected to include 2,350 market-priced apartments, 1,700 income and rental units limited retail, office and medical space, and improved pedestrian facilities.
505E Tyler – a development project sponsored by Silverstein in the city center Tampa. The project is expected to include 429 residential units, 15,000 square feet of retail space and a 598-space garage. The start of construction is expected to begin in the summer of 2023 with completion expected in 2025.
South Pier Lot 6 Towers I & II – a project site on the south side of Tempe Town Lake in downtown Tempe. In partnership with McBride-Cohen Group, the fund will develop two residential towers that will form part of a three-tower complex of 724 units, scheduled for completion in 2025. The site is surrounded by the Novus Innovation Corridor, a mixed-use complex of 330 acres. use the urban master plan being executed by Arizona State University.
“The success of the CSOZ Trust is beyond what we imagined when we created the fund,” said Marty Burger, CEO of Silverstein. “The final major milestone in the closing of construction financing for Astra Tower in Salt Lake City exemplifies our national reach and investment in world-class projects. »
“We continue to identify projects in Opportunity Areas that we believe will bring returns, both financially and in terms of contributions to local communities. We were the first to believe in the dual mandate of the program of opportunity zones and we are happy to see it continue to enjoy bipartisan support in Washington,” share Jay FrankPresident of Cantor Fitzgerald Asset Management.
“As one of the first groups to launch an Opportunity Zone business, we are excited to be part of creating essential housing and life sciences facilities as well as driving economic development in regions in need across the country,” said Jeffrey Deitrich, Please, Silverstein. “Our expertise in property development and management, combined with Cantor’s national reach and local market knowledge, has resulted in nine impressive development opportunities to date. We look forward to the continued success of our initiative’s investments and its positive impact on communities.
“We are delighted to partner with Cantor and Silverstein to deliver Astra Tower,” said Ed LewisChairman and Chief Executive Officer, Kensington Investment Company, Inc. “We believe Astra Tower will not only elevate Utah multifamily, but also create a new gold standard for apartment living throughout the west. »
Cantor and Silverstein launched an Opportunity Zone business in early 2019 to invest, develop, redevelop and manage a diversified portfolio of institutional-grade commercial real estate assets with a focus on multi-family properties located in zones of opportunity. qualified opportunity in United States.
Cantor and Silverstein have an established relationship. Notably, both companies share a historic connection to the tragic events of 9/11 at the World Trade Center and played a pivotal role in the recovery that followed. This joint venture partnership is a natural extension of the companies’ shared history and underscores both companies’ commitment to rebuilding and supporting communities in need.
About Cantor Fitzgerald, LP
Cantor Fitzgerald, with more than 12,000 employees, is a leading global financial services group at the forefront of financial and technology innovation and has been a proven and resilient leader for over 77 years. Cantor Fitzgerald & Co. is a leading investment bank serving more than 5,000 institutional clients worldwide, recognized for its strengths in the fixed income and equity markets, investment banking , SPAC underwriting and PIPE investments, prime brokerage, commercial real estate and infrastructure. , and for its global distribution platform. Cantor Fitzgerald & Co. is one of 24 primary dealers authorized to transact with the Federal Reserve Bank of New York. Cantor Fitzgerald is a leading SPAC sponsor, having completed several IPOs and announced several business combinations through his CF Acquisition platform. For more information, please visit www.cantor.com.
About Silverstein Properties
Silverstein Properties is a private, full-service, New York-based real estate development, investment and management company founded by Larry Silverstein. Silverstein Properties has developed, owned and managed over 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York (2006), 4 World Trade Center (2013), Four Seasons Downtown (2016), One West End (2017) and 3 World Trade Center (2018). The company was recognized as one of the “Best Workplaces in New York” by Crain’s New York Business for eight consecutive years. For more information on Silverstein Properties, please visit: www.silversteinproperties.com.
About Kensington Investment Company, Inc.
Founded in 1983, Kensington Investment Company, Inc. is a Bostonowner, developer and manager of residential and commercial real estate. Kensington Investment Company, Inc.’s real estate portfolio is mainly located in Bostonwith a growing presence in Utah. The portfolio includes over 1.5 million square feet of commercial and residential properties, and several future development sites in Boston and Utah with a gross value of approximately $800 million.
SOURCE Cantor Fitzgerald, LP