Cantor Fitzgerald, Silverstein Close $176M Construction Loan
Upon completion, this Salt Lake City tower will be the tallest building in Utah.
Affiliates of Cantor Fitzgerald and Silverstein Properties have closed on a $176.2 million construction loan for the development of Astra Tower, a 40-story, 377-unit residential building in Salt Lake City that is the latest investment by Cantor Silverstein Opportunity Zone Trust Inc.
Cantor and Silverstein, along with their partner Kensington Investment Co. Inc., secured the construction loan from Mack Real Estate Credit Strategies for the development that will be the tallest building in Utah upon completion. Excavation and foundation work began in the spring with delivery of the high-rise expected in late 2024.
Kensington, a Boston-based developer, broke ground on the project in January. Ed Lewis, CEO of Kensington Investment Co., said in prepared remarks the company believes Astra Tower will elevate Utah multifamily and create a new gold standard for apartment living throughout the West.
Astra tower details
Designed by HKS, Astra Tower will be located at 200 S. State St. and stand 450 tall. It will offer studio, one- and two-bedroom apartments, with two floors of penthouse units. Amenities will be spread among three floors. The eighth floor will feature a terrace, a gourmet kitchen, a lounge with televisions and games, a fireplace, an outdoor deck with seating and grills, an urban park and fitness center and fitness studio.
The 22nd floor will have a pool terrace with a swimming pool, jacuzzi, spa with saunas, plunge pool and treatment rooms. The 40th floor will be a residents-only rooftop terrace with a big-screen TV, a grill and group socialization areas.
The development team is seeking LEED Gold certification and is planning to integrate WELL Building concepts into the design to enhance the health and well-being of residents.
Jacobsen Construction Co. is the general contractor.
Other OZ developments
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 in Qualified Opportunity Zones in the United States.
The current OZ development portfolio includes nine projects across seven states comprised of 2,788 residential units and a 250,000-square-foot life science facility in Philadelphia totaling $2 billion in estimated project costs. In addition to Astra Tower, other CSOZ Trust multifamily projects include:
- theApex@meadows – a 334-unit, two-building multifamily property near Las Vegas’ medical district and the Las Vegas Strip. Plans for the project at 4490 Meadows Lane were announced in March 2020 and construction began in March 2021. Completion is expected in early 2024.
- Northern Boulevard – a 354-unit multifamily property located in the Astoria section of Queens, N.Y., across the East River from Midtown Manhattan. The development will designate 25 percent of the units as affordable housing. Silverstein started construction this spring and is slated to be completed by spring 2024.
- 420 Carroll St. – a 360-unit multifamily project on the Gowanus Canal in Brooklyn, N.Y., that will have a 21-story tower and a 16-story tower with 25 percent of the units allocated as affordable housing. Construction started this summer and is slated for completion in winter 2024.
- Yesler Terrace West – a 200-unit multifamily property in downtown Seattle’s Yesler Terrace Redevelopment Area co-developed with Mack Real Estate Group. Construction began this summer and delivery is expected in summer 2024.
- 505 E. Tyler – The Silverstein-sponsored project is a ground-up development in Tampa, Fla., that will have 429 residential units, 15,000 square feet of retail space and a 598-stall garage. Construction is expected to begin in summer 2023 with a completion date slated for 2025.
- South Pier Lot 6 Towers I & II – In partnership with McBride-Cohen Group, the fund will be developing two residential towers as part of a three-tower, 724-unit complex on the south side of Tempe Town Lake in downtown Tempe, Ariz. The project is slated for completion in 2025.