SOUTH SALT LAKE CITY, UTAH — Playa Vista, Calif.-based DB Capital Management has acquired a two-property multifamily portfolio in South Salt Lake City for an undisclosed price in an off-market transaction. The properties are Haven Gardens, built in 1961, and Hidden Chalet, built in 1976. The buyer plans to spend approximately $24,000 per unit in interior and exterior renovations to the properties, as well as address deferred maintenance issues. Mark Jensen, Greg Ratliff and Rawley Nielson of Colliers International, Utah, arranged the transaction. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged acquisition bridge financing for the buyer. The name of the seller was not released.
DRAPER, UTAH — Ready Capital has closed a $2.2 million loan for the acquisition, renovation and lease-up of the 25,000-square-foot in-line retail space portion of a Class B neighborhood shopping center in Draper. At the time of financing, the property was 63 percent occupied, but 98 percent leased due to a dark Whole Foods Market space. The non-recourse, fixed-rate loan features an 84-month term and 36 months of interest-only payments. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement minor capital expenditures and will attempt to negotiate a new lease with Whole Foods Market.
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 restaurants, a lounge, outdoor pool, business center, fitness center and 7,500-square-foot outdoor event terrace. Completion for the 686,784-square-foot hotel is slated for October 2022. Minneapolis-based Piper Sandler Cos. (PSC) served as sole capital arranger for the financing. The private financing sources include non-recourse construction debt and limited partner equity. Additionally, the Piper Sandler Hospitality Group served as the placement agent for the $54.7 million Commercial Property Assessed Clean Energy (C-PACE) loan to finance a portion of the project, which represented the single largest amount ever financed by C-PACE nationally. PSC also served as the sole underwriter for a $45 million taxable bond issue to finance the remaining portion of the project, which will be repaid by taxes generated at the hotel.
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 machine learning. “MTN’s retail-specific, fact-based analytics will factor into the valuation, underwriting and assessment of these assets as we examine the real estate in any local market for the benefit of the occupier, investor/developer and lender,” says Rick Chichester, president and CEO of Faris Lee Investments. MTN maintains data records on more than 28,000 active U.S. grocers — a number that will grow to include 40,000 grocers over the next 18 months as the partnership takes shape. “We are not a market research firm, a demographer or an aggregator,” says Doug Munson, principal and founder of MTN Retail Advisors. “We take an analytic approach to retail investment that doesn’t exist anywhere else today. Our methods have been refined over the company’s 15-year history, through physical site visits to every grocery we have on …
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), Water Witch, Proper Burger, and Epic, Fisher & TF breweries. SSG plans to implement a capital plan to renovate, improve and repurpose the property and is considering several types of uses for the building, ranging from traditional retail to creative office, health and fitness, commercial kitchen, specialty grocer, pharmacy, restaurant, brewery or related food uses. Converting it into a transportation-oriented development is also being considered. Additionally, the property is located within a Qualified Opportunity Zone created pursuant to the 2017 Tax Cuts and Jobs Act to spur economic development and job creation. The acquisition marks the first asset to be acquired under SSG’s Opportunity Zone Fund.
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, the asset has 42,988 square feet of rentable space and 88 parking spots. At the time of sale, the property was 97 percent occupied.
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 Commercial Mortgage Group and Devin Jolley of KBREC’s Income Property Group structured the financing.
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 Lancaster Pollard.
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 space, as well as outdoor patio and dining areas overlooking Newpark Amphitheater and the 1,200-acre Swaner Nature Preserve. Zwick Construction is serving as general contractor and Stearns Bank provided financing for the project.
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 upgrades at each property, including significant exterior and interior renovations at all properties except Bella Vida, which will undergo only interior unit renovations.