Cantor Silverstein Opportunity Zone Trust Secures $176 Million Construction Loan
Affiliates of Cantor Fitzgerald L.P. and Silverstein Properties Inc. announced that Cantor Silverstein Opportunity Zone Trust, Inc. has secured a $176.2 million construction loan to fund the development of Astra Tower.
Affiliates of Cantor Fitzgerald L.P. and Silverstein Properties Inc. announced that Cantor Silverstein Opportunity Zone Trust, Inc. has secured a $176.2 million construction loan to fund the development of Astra Tower, a 40-story, 377-unit residential project located in a qualified opportunity zone in Downtown Salt Lake City.
Excavation and foundation work began 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.
In addition to Astra Tower, planned opportunity zone development projects by the trust include:
Northern Boulevard, a 354-unit multifamily property located in the Astoria neighborhood of Queens, across the East River from Midtown Manhattan;
3.0 University Place, a 250,000 square foot, pre-certified LEED Platinum v4 life science-enabled office building located in University City, Philadelphia. The eight-story lab and office building recently received WELL v2 Platinum pre-certification;
theApex @meadows, a 334-unit, two building multifamily property near Las Vegas’ medical district and the Las Vegas strip;
420 Carroll Street, a 360-unit multifamily property on Brooklyn’s Gowanus Canal. The development is expected to comprise a 21-story tower and an adjacent 16-story tower and will have a direct connection to the Gowanus Canal promenade and public access area;
Yesler Terrace West, a 200-unit multifamily property in downtown Seattle’s Yesler Terrace Redevelopment Area co-developed with Mack Real Estate Group;
505 E Tyler, a Silverstein-sponsored ground-up development in downtown Tampa. The project is expected to include 429 residential units, 15,000 square feet of retail space, and a 598-stall garage; and
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 be developing two residential towers that will be part of a three tower 724-unit complex.
“We continue to identify projects in opportunity zones that we believe will deliver returns, both financially as well as in terms of contributions to local communities,” said Jay Frank, president of Cantor Fitzgerald Asset Management. “We were early believers in the dual mandate of the opportunity zone program and are pleased to see it continue to enjoy bipartisan support in Washington.”
Cantor and Silverstein launched an opportunity zone business in early 2019 to invest in, develop, redevelop and manage a diversified portfolio of institutional quality commercial real estate assets with an emphasis on multifamily properties located in qualified opportunity zones in the United States.
Cantor Fitzgerald is an investment bank serving more than 5,000 institutional clients around the world. Silverstein Properties is based in New York and has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space.
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. The company has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space.
