BHI, the U.S. Branch of Bank Hapoalim, B.M., has provided developer Douglas Development with a $56 million construction loan to reposition the former Dominion Energy high-rise office building located at 707 East Main Street in downtown Richmond, Virginia.
The financing is part of a broader $158.44 million capitalization for the project at the 20-story Eighth & Main office tower. The site will feature a 210-key full-service hotel totaling 115,500 square feet, as well as 288 residential multifamily units across 157,450 square feet. The building will include separate first-floor hotel and residential lobbies with dedicated elevator banks, as well as four levels of underground parking.
“BHI’s lending strategy embraces all facets of what it means to reimagine how commercial real estate can operate as an evolving component of the communities that it serves,” said Mimi Vu, Senior Vice President and Head of CRE Loan Origination, Northeast Region at BHI. “This project exemplifies that philosophy by transforming a downtown Richmond office building into a vibrant, mixed-use destination.”
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