Affiliates of Cantor Fitzgerald and Silverstein Properties have closed on the construction financing for an investment by Cantor Silverstein Opportunity Zone Trust (CSOZ Trust).
Cantor and Silverstein, along with their partner Kensington Investment Company, Inc., secured the $176.2 million construction loan from Mack Real Estate Credit Strategies, L.P. for the development of Astra Tower, a 40-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's current opportunity zone development portfolio includes nine projects across seven states comprised of 2,788 residential units and a 250,000-square-foot life science facility totaling $2 billion in estimated project costs.
Cantor and Silverstein launched an opportunity zone business in early 2019 to invest in, develop, redevelop and manage a d