Octagon Finance has provided a $68 million Unitranche loan to support the construction of Altitude on Main, a transformative 302-unit, 17-story mixed-use development in downtown Richmond, Virginia.

The project is developed by Nick Patel with Kalyan Hospitality and Steven Walker with RPC Capital. This exciting project will revitalize a historic office building at 801 East Main Street, converting it into a modern, multifamily complex. The $68 million loan included significant Historic Tax Credits. The new development will feature 8,500 square feet of ground floor retail space and 366 parking spaces, including a three-level subsurface garage and adjacent parking deck.

“Financing Altitude on Main reflects our confidence in its long-term value and the strength of this transformative project. Partnering with Kalyan Hospitality and RPC Capital, we structured a creative solution leveraging Historic Tax Credits to maximize impact,” said JP Williamson, Managing Partner of Octagon.