NR Investments has landed a $75 million construction loan from a unnamed lender for its mixed use project called Canvas. The company acquired the 1.1-acre site located at 1630 Northeast First Avenue in 2013 at a bankruptcy auction for $7.2 million and paid an additional $4.8 million in impact fees. The new scheme will feature a 37-story tower with 513 condos and 14,000 square feet of commercial space. Canvas is aimed at the “affordable luxury,” segment of the market, with prices averaging $475 per square foot with an average unit size of 850 square feet. Of the 513 units that are planned, 200 (nearly 40 percent) have been reserved. The tower was designed by CFE Architects with Fortune International Realty acting as the exclusive sales and marketing firm for the project.
