Significant preconstruction work had been completed at the time Octagon issued a term sheet for the project. Finalization of due diligence items and underwriting aligned for an expedient closing. The Loan is drawn over 20 months with repayment sources comprised of Federal HTC and Virginia State HTC payments, syndicated by third parties, and permanent debt refinancing proceeds. The rehabilitation converts the 17-story office building to residential, consisting of 302 apartment units, expansive tenant amenities and penthouse skylounge, 8,500 square feet of retail, and a 366-space parking structure.
Altitude on Main, constructed in 1964, is located in the Richmond Main Street Banking Historic District. Its mid-century modern design stands in contrast to many HTC projects. The building qualifies as it is over 50 years old with significance coming from its national historic district location and as one of three high rise buildings constructed in the banking district following banking deregulation in Virginia in 1962.
