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BHI Provides $27M Construction Loan for Richmond MXU Project

New York-based commercial bank BHI has provided a $26.5 million construction loan for the redevelopment of 629 E. Main St. in Richmond. The property, which is currently a 12-story office building, will be converted into a mixed-use property.

The developer, Douglas Development Corp., plans to convert the property into 188 rental units with studios, one- and two- bedroom apartments as well as 132,806 square feet of additional commercial space. The property was originally constructed in 1922 and is located less than a mile from the Virginia State Capitol building.

BHI is the U.S. operation of Israel-based Bank Hapoalim. 629 Main Street is the second transaction that BHI has funded for Douglas Development Corp.

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Douglas Development Corp.

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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