Utah

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

by Amy Works January 13, 2020

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.

January 13, 2020

California Company News Retail Utah Western

Faris Lee Investments, MTN Retail Advisors Form Partnership

by Amy Works December 17, 2019

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 …

December 17, 2019

Acquisitions Retail Utah Western

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

by Amy Works December 11, 2019

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.

December 11, 2019

Loans Multifamily Utah Western

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

by Amy Works November 22, 2019

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.

November 22, 2019

Arizona Loans Multifamily Utah Western

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

by Amy Works November 8, 2019

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.

November 8, 2019

Riverway-Assisted-Living-Memory-Care-South-Jordan-UT

Loans Multifamily ORIX Seniors Housing Utah Western

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

by Amy Works November 7, 2019

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.

November 7, 2019

Development Mixed-Use Multifamily Retail Utah Western

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

by Amy Works October 30, 2019

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.

October 30, 2019

Acquisitions Arizona Multifamily Nevada Utah Western

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

by Amy Works October 25, 2019

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.

October 25, 2019

Development Loans Multifamily Utah Western

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

by Amy Works October 24, 2019

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 limited to residents making 60 percent or less of the area median income. The asset is adjacent to Arcadia Apartments I and will share access to amenities including a pool, hot tub and fitness center. The project was awarded a 4 percent Low-Income Housing Tax Credit (LIHTC), and Enterprise Community Partners, the equity investor, is providing $15.6 million in LIHTC equity. Additionally, the property was awarded private activity bonds, which were purchased by KeyBank as a private placement. Sarah Geis of KeyBank’s CDLI team arranged the financing.

October 24, 2019

Loans Multifamily Utah Western

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

by Amy Works September 18, 2019

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 wood-frame construction. Averaging 906 square feet, the one-, two- and three-bedroom units will feature patios or balconies, in-unit washers/dryers, nine-foot ceilings, oversized bathtubs, high-quality cabinetry and luxury wood-style flooring. Community amenities will include a clubhouse with a fitness center, business center, changing rooms, outdoor heated swimming pool with a sun deck, Whirlpool spa, fire pit, barbecue/picnic area, dog park and bike repair facility.

September 18, 2019

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