Cantor Fitzgerald and Silverstein Properties Announce Joint Venture Partnership with Collins Capital Partners and Kaufman Jacobs and Closing of Construction Financing for Multifamily Opportunity Zone Development in Chesterfield County, VA
NEW YORK, Sept. 26, 2023 /PRNewswire/ — Affiliates of Cantor Fitzgerald, L.P., (“Cantor Fitzgerald”), a leading global financial services firm and real assets investment company, and Silverstein Properties (“Silverstein”), 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 (“Collins”), 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.