BHI provides Norman Jemal $56 million construction loan for office building repositioning

Richmond, VA BHI, the U.S. Branch of Bank Hapoalim, B.M. and a full-service commercial bank, has provided developer Norman Jemal with a $56 million construction loan to reposition the former Dominion Energy high-rise office building located at 707 East Main St. The financing is part of a broader $158.44 million capitalization for the project.

Upon completion, the site, which is adjacent to the new CoStar headquarters and near the new Allianz Amphitheater and the Virginia State Capitol, will feature a 210-key full-service hotel totaling 115,500 s/f as well as 288 residential multifamily units across 157,450 s/f. 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. We’re proud to support innovative solutions that respond to evolving market needs and create long-term value for communities and our partners.”

“We could not have asked for a better partner than BHI for this development.” said Isaac Rudin, capital markets lead at Douglas Development. “Their confidence in our vision, combined with their innovation and flexibility in structuring the financing, played a crucial role in our ability to move this project forward. This partnership underscores our belief in Richmond’s continued growth and our commitment to delivering thoughtful, context-sensitive redevelopment that benefits the community”.