Cantor Fitzgerald, Silverstein Properties Secure $176M for Salt Lake City Residential Tower

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:

Northern Boulevard - a 354-unit multifamily property located in Astoria, Queens, across the East River from Midtown Manhattan. The development allocates 25% of the rental units as affordable housing. Silverstein commenced construction in Spring 2022, with completion expected in Spring 2024.

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. Construction began in May 2021 and “topped out” in March 2022. Completion is expected in early 2023.

theApex @meadows - a 334-unit, two building multifamily property near Las Vegas’ medical district and the Vegas strip. Construction began in March 2021, with completion expected in early 2024.

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. Once completed, the development is expected to allocate 25% of the rental units as affordable housing. Construction commenced in Summer 2022, with completion expected in Winter 2024.

Yesler Terrace West - a 200-unit multifamily property in downtown Seattle’s Yesler Terrace Redevelopment Area co-developed with local partner Mack Real Estate Group. Construction began in Summer 2022, with completion expected in Summer 2024. Once completed, the Yesler Terrace Redevelopment Area is expected to include 2,350 market rate apartments, 1,700 income- and rent-restricted units, retail, office and medical space, and improved pedestrian amenities.

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. Construction start is anticipated to commence in Summer 2023, with completion expected in 2025.

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 develop two residential towers that will be part of a three tower 724 unit complex, with completion expected in 2025. The site is surrounded by the Novus Innovation Corridor, a 330-acre mixed-use urban master plan being executed by Arizona State University.