**BHI Provides $56M to Redevelop Richmond Office Tower into Hotel and Multifamily Project**
BHI, the US branch of Bank Hapoalim, B.M., has provided a $56 million construction loan to developer Douglas Development for the transformation of the former Dominion Energy high-rise office building at 707 East Main Street in downtown Richmond, Virginia.
This financing is part of a larger $158.44 million capital stack dedicated to the redevelopment of the 20-story Eighth & Main office tower. The reimagined property will include a 210-key full-service hotel spanning 115,500 square feet and 288 multifamily residential units across 157,450 square feet. Amenities for the mixed-use project will feature separate first-floor lobbies for the hotel and residential components, each with its own dedicated elevator bank. The development will also offer four levels of underground parking.
“BHI’s lending strategy embraces all facets of what it means to reimagine how commercial real estate can operate as an evolving component of the communities that it serves,” said Mimi Vu, Senior Vice President and Head of CRE Loan Origination, Northeast Region at BHI. “This project exemplifies that philosophy by transforming a downtown Richmond office building into a vibrant, mixed-use destination.”
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