Cantor Fitzgerald and Silverstein Properties Close Construction Financing for Multifamily Opportunity Zone Development in Virginia

Cantor Fitzgerald and Silverstein Properties Close Construction Financing for Multifamily Opportunity Zone Development in Virginia

RICHMOND, VA - Affiliates of Cantor Fitzgerald, a leading global financial services firm and real assets investment company, and Silverstein Properties, a leading global full-service real estate development, investment, and management firm, announced that they have entered into a joint venture with Collins Capital Partners, a nationally recognized real estate firm and Kaufman Jacobs, a real estate private equity firm.

The venture will develop The James at Springline, a mixed-use project including 298 rental units and 28,000 square feet of ground-level retail located in a qualified opportunity zone in Chesterfield County, near Richmond, VA.

The venture simultaneously closed on $53.6 million in construction financing from Truist Bank to develop the project. The investment is part of the first phase of a comprehensive master-planned development known as Springline at District 60, a former shopping center that will be redeveloped into a 42-acre, mixed-use urban village located at the intersection of Route 60 and Chippenham Parkway. Demolition began in March 2023 and construction will occur in multiple phases. The site will include abundant green space and connectivity, with walking and biking trails, wide streetscapes, and structured parking. The groundbreaking of the first phase of development will take place on Thursday, September 28, 2023, with an on-site event.

"We are pleased to partner with Collins Enterprises on this development that promises to have a positive impact on the surrounding community," said Chris Milner, Head of Real Estate Investment Management at Cantor Fitzgerald Asset Management.

The project site is one of seven parcels that make up the Springline Master Plan. The Chesterfield County Economic Development Authority ("EDA") purchased the Spring Rock Green shopping center with the intention of creating a walkable urban center that will serve as the anchor of Chesterfield County. The EDA and Collins collaborated with Cooper Carry architectural firm to create the overall master plan. "We have assembled a top-notch team of partners to make this transformational project a reality," said Art Collins, Managing Principal of Collins Capital Partners.

Phase one of Springline at District 60 is slated to include The James at Springline as well as a 150,000 square feet office building, a festival-like common area, sports tournament and entertainment venue, specialty market and a structured parking facility. Future phases will add more apartments, townhouses, additional commercial space, another office building, a luxury hotel, and entertainment venues. Upon its expected completion in 2025, The James at Springline will feature amenities including double-height lobby with office pods, conference area and fireplaces, interior courtyard with a pool and lounge areas, roof deck with a fitness center, and garage parking. "Springline at District 60 will offer a dynamic live, work and play environment for residents of Chesterfield County and greater Richmond", said Jeff Sirkin, Managing Director of Collins Capital Partners.

"This will be a new and vibrant community in Chesterfield County and is another good example of the Qualified Opportunity Zone Program helping stimulate investment," said Alex Cosio, Vice President, Silverstein Properties. "We are confident in Collins' expertise to develop a project that will offer innovative opportunities and experiences to the area."

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 and Silverstein have a well-established relationship. Notably, the two firms share a historical connection to the tragic events of 9/11 at the World Trade Center and played central roles in the recovery that followed. This joint venture partnership is a natural extension of the companies' shared history and underscores both firms' commitment to rebuilding and supporting communities in need.

Source: Cantor Fitzgerald / Silverstein Properties

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