Developers Announce the Closing of a US$176 Million Construction Loan for Salt Lake City Project

23 September 2022 | Salt Lake City, United States

A US$176.2 million construction loan was secured for the development of Astra Tower, a 39-story, 377-unit residential project located in a qualified opportunity zone in Downtown Salt Lake City. Excavation and foundation work commenced in Spring 2022, with project completion expected in late 2024.

Cantor and Silverstein, along with their partner Kensington Investment Company, Inc., secured the construction loan from Mack Real Estate Credit Strategies, L.P.

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Astra Tower

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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 (23,225 square meters) life science facility totaling US$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 the Astoria neighborhood of Queens,; 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 with a 21-story and 16-story tower on Brooklyn's Gowanus Canal; and Yesler Terrace West: a 200-unit multifamily property in downtown Seattle's Yesler Terrace Redevelopment Area co-developed with Mack Real Estate Group.

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