Cantor Fitzgerald and Silverstein Properties, along with their partner Kensington Investment Company, secured a $176.2 million construction loan for 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 completion expected in late 2024.
Mack Real Estate Credit Strategies provided the loan.
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 include:
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