REBusinessOnline

Portman Holdings, DDRM Begin Construction of 26-Story Hyatt Regency Salt Lake City

SALT LAKE CITY — Atlanta-based Portman Holdings, Irvins, Utah-based DDRM and city officials broke ground for Hyatt Regency Salt Lake City on Friday, Jan. 10. The developers received $377 million in financing for the project, located at the northwest corner of 200 S and West Temple in Salt Lake City. Situated adjacent to the Salt Palace Convention Center, the 26-story Hyatt Regency Salt Lake City will feature 700 guest rooms, approximately 60,000 square feet of meeting space, two …

Faris Lee Investments, MTN Retail Advisors Form Partnership

IRVINE, CALIF., AND SALT LAKE CITY — Irvine-based Faris Lee Investments, a national retail advisory and investment sales firm, and Salt Lake City-based MTN Retail Advisors, a grocer-specialized data collection and analytics provider, have entered into a partnership agreement. The collaboration will allow the team to combine Faris Lee’s retail, real estate, finance and investment advisory services with MTN’s predictive analytics and proprietary technology, including artificial intelligence …

SSG Acquires Vacant Retail Property Within Opportunity Zone in Salt Lake City

SALT CITY LAKE — SSG Realty Partners has purchased a vacant retail property located at 30 W. 900 South in Salt Lake City. Terms of the transaction, including the acquisition price and name of the seller, were not disclosed. Situated in the West Temple Gateway District and adjacent to the Granary District, Pier 1 formerly occupied the property. Tenants surrounding the property include Publik Coffee Roasters, Blue Copper, Ruby Snap, Frida Bistro, R&R, Vertical Diner (Sage’s Café), …

Hunt Real Estate Provides $5.2M in Refinancing for Lakeview Court Apartments in Provo, Utah

PROVO, UTAH — Hunt Real Estate Capital has provided a Fannie Mae DUS conventional loan in the amount of $5.2 million to refinance Lakeview Court Apartments, a multifamily property in Provo. The borrower is Geneva Road 44 LLC. The loan features a 12-year term, 30-year amortization and 24 months of interest-only payments. Situated on a two-acre site, Lakeview Court Apartments is a 44-unit, garden-style apartment complex comprising three three-story apartment buildings. Developed in 2015, …

KeyBank Arranges $140.3M Refinancing for Three Multifamily Properties in Utah, Arizona

SANDY AND LAYTON, UTAH, AND FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured a $140.3 million in Fannie Mae Credit Facility for Centerville, Utah-based Keller Investment Properties. The borrower will use the facility, which is expandable to additional properties, to refinance three multifamily assets in Utah and Arizona. The properties are Park at City Center in Sandy, Quail Cove Apartments in Layton and Woodcrest Apartments in Flagstaff. Brain Caudel of KBREC’s …

Lancaster Pollard Arranges $7.5M Refinancing for Assisted Living Community in Utah

SOUTH JORDAN, UTAH — Lancaster Pollard Mortgage Company has arranged a $7.5 million refinancing for Riverway Assisted Living and Memory Care in South Jordan, approximately 15 miles south of downtown Salt Lake City. The borrowers are Giza Development and SAL Management Group. The financing represents a long-term financing solution through Fannie Mae, as well as some cash out. The deal is Giza’s second with Lancaster Pollard in 2019. Ross Holland and Rodger Davis led the transaction for …

Crandall Capital Breaks Ground on The Commons Mixed-Use Project in Park City, Utah

PARK CITY, UTAH — Crandall Capital has started construction of The Commons, a mixed-use development in Park City. The project is scheduled for completion in October 2020. Located in the Newpark Towncenter at Kimball Junction, The Commons is the final component of the larger development's master plan. Totaling, 37,659 square feet, The Commons will feature 38 affordable apartments in a mix of studio, one-, two- and three-bedroom floor plans and 12,500 square feet of ground-floor retail …

Next Wave Investors Acquires 380 Multifamily Units in Phoenix, Salt Lake City, Las Vegas

PHOENIX, SALT LAKE CITY AND LAS VEGAS — Next Wave Investors has expanded its investments in the Western United States with the purchase of 380 multifamily units spanning four apartment communities. Details of the transactions were not released. The properties are the 96-unit La Estrella Vista and 149 units of the 160-unit Westover Parc in Phoenix; the 63-unit Townhomes at Mountain Ridge in Salt Lake City; and the 72-unit Bella Vida in Las Vegas. Next Wave plans to implement capital …

KeyBank Secures $23.5M for 177-Unit Arcadia Apartments Development in Utah

SANDY, UTAH — KeyBank Community Development Lending and Investment (CDLI) has arranged $23.5 million of construction and permanent financing for Arcadia Apartments II, a 177-unit affordable multifamily project in Sandy. The borrower is Salt Lake City-based Wasatch Residential Group, a real estate development, construction, finance and asset management company. Arcadia Apartments II will feature 52 one-bedroom units, 82 two-bedroom apartments and 43 three-bedroom units. The property will be …

Rockworth Cos. Receives Construction Financing for 214-Unit MillPond Apartments in Utah

AMERICAN FORK, UTAH — Rockworth Cos. has received an undisclosed amount of construction financing for development of The MillPond Apartments, a multifamily property located in American Fork, a suburb 30 miles south of Salt Lake City. JLL, led by Mike White, arranged the high-stacked, three-year, limited-recourse construction loan for the borrower. Located at 80 N. 1020 West, the $44 million project will feature a 214-unit apartment community comprising 11 three-story buildings with …

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