Utah

Walker & Dunlop Provides $48.8M in Financing for Student Housing Portfolio Near BYU

by Nellie Day August 22, 2016

PROVO, UTAH — Walker & Dunlop Inc. has provided three loans totaling $48.8 million for a portfolio of three student housing properties located near Brigham Young University in Provo. Properties include The Lodges at Glenwood, Raintree Commons, and Cambridge Court. Each loan — utilizing Freddie Mac financing — was structured with a 10-year term and five years of interest-only payments, followed by a 30-year amortization schedule. The garden-style communities offer amenities including private balconies and patios, furnished units, parking, pools with cabanas, clubhouses with television lounges, on-site maintenance, laundry facilities and barbecue areas.

August 22, 2016

Retail Utah Western

Time Equities Inc. Acquires Newgate Mall in Utah for $69.5M

by Nellie Day August 18, 2016

OGDEN, UTAH — Time Equities Inc. has acquired Newgate Mall, a 718,035-square-foot regional mall located in Ogden, for $69.5 million. Tenants at the 98 percent occupied mall include Dillard’s, Burlington Coat Factory, Sears, Cinemark, Bath & Body Works, Famous Footwear, Kay Jewelers, Express, Gymboree, Buckle, Victoria’s Secret and Journeys. Coldwell Banker Commercial Advisors will oversee leasing efforts for incoming tenants, while The Woodmont Co. will be in charge of management, marketing and specialty leasing. Thomas Dobrowski of NGKF Capital Markets represented the seller, General Growth Properties, in the transaction.

August 18, 2016

Multifamily Utah Western

Sage Gate at Haynes Landing Apartments Near Salt Lake City Sell for $52.6M

by Nellie Day August 17, 2016

WEST VALLEY CITY, UTAH — An unnamed buyer has acquired the 278-unit Sage Gate at Haynes Landing multifamily community for $52.6 million. The community is located at 2700 S. Anna Caroline Drive, about 11 miles from Salt Lake City. Sage Gate was built in 2014. Nearby employers include Discover Financial, UPS and Verizon Wireless. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller in this transaction.

August 17, 2016

Loans Multifamily Seniors Housing Utah Western

Love Funding Secures $6.6M Bridge Loan for Construction of Assisted Living Community in Utah

by Nellie Day July 11, 2016

ODGEN, UTAH — Love Funding, a lender based in Washington, D.C., has arranged a $6.6 million bridge loan for the construction of Shadow Valley Assisted Living and Memory Care, a 62-bed community in Ogden, approximately 35 miles north of Salt Lake City. Local developer Giza Development is building the community. The financing will allow Giza to start construction more quickly than a HUD-insured loan. Giza plans to convert the financing to a permanent HUD loan after three years. James Vanar of Love Funding’s Los Angeles office arranged the loan. Midland States Bank, which is Love Funding’s parent company, will provide the capital.

July 11, 2016

Retail Utah Western

Several New Tenants Sign Leases at The Crossroads of Taylorsville in Utah

by Nellie Day July 6, 2016

TAYLORSVILLE, UTAH — S Squared Development, along with financial partner Tri-Gate Capital, has signed several new tenant deals at The Crossroads at Taylorsville in Taylorsville, located off Interstate 25. The property is currently being renovated. A Regal Cinema luxury multiplex is underway and several new restaurants have signed on at the property. Wing Stop plans to open a 2,500-square-foot restaurant in July, and Blaze Pizza is opening a 3,000-square-foot restaurant in September. Additionally, TJ Maxx and Davida Wireless have signed leases at the center, which is located in the Greater Salt Lake City market.

July 6, 2016

Loans Office Utah Western

Thanksgiving Holdings Obtains $52.6M in Financing for Utah Office Complex

by Nellie Day June 3, 2016

LEHI, UTAH — Thanksgiving Holdings has received a $52.6 million loan for two office buildings in Lehi. The buildings are known as Thanksgiving Park V and Thanksgiving Park VI. They contain a total of 291,040 square feet. Fred Dockweiler and Mike Keach of KeyBank’s Commercial Mortgage Group arranged the non-recourse, first-mortgage loan for the five-story, Class A office buildings through a correspondent life-company relationship. The loan was used to refinance two existing KeyBank construction loans

June 3, 2016

Multifamily Utah Western

ValueRock Realty Partners to Develop Deer Cove Mixed-Use Property in Utah

by Nellie Day May 31, 2016

DEER VALLEY, UTAH — ValueRock Realty Partners has obtained all the entitlements and approvals for the 87-acre Deer Cove Master Plan, one of the largest planned mixed-use communities in the Deer Valley/Park City region. The development will be situated adjacent to U.S. 40, within walking distance of the Jordanelle Express Gondola at Deer Crest and Jordanelle recreational lake. ValueRock and its affiliates acquired the infill parcel in 2001. Since that time, the team has invested about $20 million in planning, engineering, infrastructure and water reservation fees to secure full entitlement approvals. The project will eventually include more than 1,000 residential units, a hotel, retail and open space in a master-planned community. There are a number of on-mountain adjacent developments planned for the area, including a 800- to 1,000-acre ski terrain expansion of Deer Valley Resort; development of a new on-mountain, four-star hotel at Pioche; proposed on-mountain luxury hotel and residential development at Blue Ledge by Extell Development; and progression of Mayflower, another development that encompasses about 4,000 acres of land.

May 31, 2016

Retail Utah Western

Eight of Sears Holdings’ 78 Store Closings Are in Western States

by Nellie Day April 27, 2016

DRAPER, UTAH — Sears Holdings will close 68 Kmart and 10 Sears stores nationwide this summer. Among the affected stores are eight Kmarts based in Utah, California and Arizona. In February, the company, which is based in the Chicago suburb of Hoffman Estates, announced it would accelerate the closing of unprofitable stores. The majority of the store closings will take place in July. The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at other area Kmart or Sears stores. Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. The following is a complete list of the Western-based impacted stores: Kmart: 300 W. Mariposa Road, Nogales, Ariz. Kmart: 2270 E. El Monte Way, Dinuba, Calif. Kmart: 520 S. Cherokee Lane, Lodi, Calif. Kmart: 1475 Hillman St., Tulare, Calif. Kmart: 2785 Highway 46, Wasco, Calif. Kmart: 1055 E. Draper Parkway, Draper, Utah Kmart: 610 W. Price River Drive, Price, Utah Kmart: …

April 27, 2016

Industrial Utah Western

Alaska Consolidated Sells Landmark II Industrial Building in Salt Lake City

by Nellie Day April 27, 2016

SALT LAKE CITY — Alaska Consolidated LLC has sold Landmark II, a 213,333-square-foot industrial building in Salt Lake City’s Landmark Industrial Park, to an unnamed buyer for an undisclosed sum. The property is located at 1941 South 5070 West. It was built in 1997. The structure was 80 percent occupied at the time of sale. CBRE’s Tom Dischmann and Craig Thomas represented the seller in this transaction.

April 27, 2016

Multifamily Student Housing Utah Western

Vintage Capital Partners to Break Ground on 265-Bed Student Housing Community in Utah

by Nellie Day April 25, 2016

ST. GEORGE, UTAH — Vintage Capital Partners LLC is set to begin construction on a 265-bed student housing community near Dixie State University in St. George. The property, to be named Vintage at Tabernacle, will offer three levels of four- and five-bedroom residential units above an underground parking garage. The project, which shares a property line with the school, is walking distance to campus. Community amenities will include a fitness center, clubhouse, hot tub, swimming pool and numerous study areas. Construction is expected to begin this spring, with completion scheduled for fall 2017. Redstone Residential will manage the community.

April 25, 2016

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