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Cantor Fitzgerald Group Secures SLC Apartment Tower Construction Loan
Cantor Fitzgerald (Cantor) and Silverstein Properties closed a 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, L.P. for the development of Astra Tower, a 40-story, 377-unit residential project. The project is located in a qualified opportunity zone in Downtown Salt Lake City. Excavation and foundation work commenced in Spring 2022, with project completion expected in late 2024.
Cantor and Silverstein’s current opportunity zone development portfolio includes nine projects across seven states comprised of 2,788 residential units and a 250,000 square foot life science facility totaling $2.0 billion in estimated project costs.
“As one of the first groups to launch an opportunity zone business, we are delighted to participate in creating essential housing and life science facilities as well as spurring economic development in areas in need across the country,” said Silverstein’s Jeffrey Deitrich.
- ◦Development
- ◦Financing
