SALT LAKE CITY — Carnegie Capital, a Texas-based commercial real estate finance correspondent and advisory firm, has sourced and structured an $11.5 million construction loan for a 95-bed assisted living and memory care facility. The borrower is a Salt Lake City-based owner-operator. The Class A community totals 64,000 square feet. Of the 95 beds, 30 are for memory care. The developers, a growing seniors housing company along the Wasatch Front area of Utah, contributed the land for the project. This is the third regional project for the company. Carnegie syndicated a group of local and regional banks to complete the financing package at 75 percent loan-to-cost ratio. The financing is structured to be refinanced into a permanent loan upon stabilization of the completed property. JD Stettin of Carnegie Capital arranged the transaction.
PARK CITY, UTAH — Security Properties has purchased Elk Meadows, an affordable multifamily property located at 2627 Kilby Road in Park City, for an undisclosed price. The garden-style community comprises 96 units that are income restricted. The property was originally developed in 1993 utilizing Low-Income Housing Tax Credits from the Utah Housing Corp. A regulatory agreement tied to that original source of financing restricts the property to affordable housing through 2023. KeyBank provided a five-year, floating-rate loan for the property. Security Properties Residential, an affiliate of Security Properties, will manage the property. This acquisition is Security Properties’ first purchase in Utah.
ST. GEORGE, UTAH – Faris Lee Investments has brokered the sale of a single-tenant retail property located at 1596 S. Convention Center Drive in St. George. An undisclosed seller sold the building for $2.2 million. Jack in the Box occupies the 3,260-square-foot property on a triple-net leased basis. Joe Chichester, Thomas Chichester and Matt Brooks of Faris Lee represented the buyer, a Northern California-based private investor, while NAI Excel represented the seller.
SALT LAKE CITY — Newmark Grubb ACRES, a Utah-based brokerage firm, has arranged the sale of a portfolio of single-tenant retail properties leased to Codale Electric Supply Inc., a Salt Lake City-based distributor of electric, energy and lighting products. The sales price was $91.3 million. The portfolio includes nine properties, six of which are located in Utah. One of the assets is in Nevada (Elko), and two of the properties are in Wyoming (Rock Springs and Casper). Codale has a total of 13 retail locations throughout the western United States. According to Codale’s website, its stores range in size from 15,000 square feet to 54,000 square feet, not including the company’s 210,000-square-foot headquarters, which was one of the assets included in the portfolio sale. All totaled, the portfolio spans 476,500 square feet. Bryce Blanchard of Newmark Grubb ACRES represented the seller, Holt Properties, a real estate company owned and operated by the Holt family, which founded Codale Electric in 1975. Blanchard also procured the buyer, an undisclosed, out-of-state REIT. Sonepar, a French electronics distribution firm, acquired Codale in 2012. — Taylor Williams
SALT LAKE CITY — Colliers International has acquired the operations of Coldwell Banker Commercial Advisors in Salt Lake City. The new company will be rebranded as Colliers International | Utah. Terms of the transaction were not disclosed. Colliers maintains 200 professionals who provide investment sales, lease brokerage, property management and consulting and advisory services to local, regional, national and global clients. “This addition is the latest in a series of strategic acquisitions that we have completed in the U.S., all of which have strengthened and diversified our operations to better serve our clients,” says Dylan Taylor, president and COO of Colliers International. “Our objective continues to be elevating the Colliers International platform as the global firm of choice for successful organizations anywhere they do business, and for professionals who thrive within an enterprising and entrepreneurial culture.”
HEBER CITY, UTAH — CBRE has secured an undisclosed amount of refinancing for Wasatch Commons Apartments, a 224-unit multifamily community located in Heber City. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the 10-year, interest-only, floating-rate Fannie Mae mortgage on behalf of the undisclosed owner. The property consists of 106 newly renovated one-, two- and three-bedroom units. Residences include walk-in closets, window coverings, private balconies/patios, air conditioning and in-unit washers and dryers. Community amenities include covered parking, a playground, barbecue areas, a heated swimming pool, a hot tub, clubhouse, 24-hour fitness room and guest parking.
SALT LAKE CITY — Tower Commercial Mortgage has arranged $2.9 million in Freddie Mac permanent financing for Brickyard Apartments, a multifamily property in Salt Lake City. The loan features a 10-year term with a 10-year floating-rate extension and a 30-year amortization schedule. The undisclosed sponsor completed the 24-unit property in August 2017, and the property was stabilized in December 2017. Mike Del Carlo of Tower Commercial Mortgage arranged the financing for the borrower.
SOUTH JORDAN, UTAH — Olympus Property has acquired the 315-unit Crossing at Daybreak in South Jordan for an undisclosed sum. The community is located at 4950 W. Frogs Leap Drive. Olympus plans to rebrand the asset as Olympus at Daybreak. The Class A community features a mix of one- to three-bedroom units with an average unit size of 1,110 square feet. Community amenities include 25 parks with sport courts, pavilions, ball fields, playground equipment, and community gardens and 30 miles of walking and hiking trails throughout the community. Oquirrh Lake offers 70 acres of kayaking, canoeing, paddle boarding, sailing and fishing.
SALT LAKE CITY — Strategic Student & Senior Housing Trust Inc. has acquired a portfolio of three assisted living communities in Salt Lake City totaling 294 units. The seller and price were not disclosed. The portfolio includes The Wellington, Cottonwood Creek and The Charleston at Cedar Hills. Although the operator was not named, all three communities appear on the website of California-based operator MBK Senior Living. The Wellington features 119 units, Cottonwood Creek features 111 units and The Charleston features 64 units. Strategic Student & Senior Housing Trust Inc. is a private real estate investment trust sponsored by SmartStop Asset Management. This acquisition marks SmartStop’s first entry into the seniors housing space. The company specializes in self-storage assets.
MIDVALE, UTAH — NKF Capital Markets has arranged the $142 million sale of a 688,549-square-foot portion of The Shops at Fort Union, a shopping center in Midvale, 12 miles south of Salt Lake City. The centers totals more than 830,000 square feet and was 86 percent leased at the time of sale to tenants such as Smith’s Food & Drug, Walmart Supercenter, Dick’s Sporting Goods, Ulta Beauty, Ross Dress for Less, Michaels and DSW. Pete Bethea, Rob Ippolito and Glenn Rudy of NKF Capital Markets, in conjunction with Ben Brown of NKF affiliate Newmark Grubb ACRES, arranged the transaction on behalf of the undisclosed seller. The buyer, CCA Acquisition Co. LLC, was represented internally.