George Smith Partners Arranges $35.2M Construction Loan for Hotel-to-Multifamily Conversion in Salt Lake City
SALT LAKE CITY — The Davies Group at Los Angeles-based George Smith Partners has secured $35.2 million in construction financing for the first phase of a hotel-to-multifamily conversion project in downtown Salt Lake City’s The Granary District.
The five-acre site features two landmark towers. The first phase of renovation includes the transformation of the property’s south tower into a 184-unit multifamily asset with boutique-style amenities. The planned future phase includes the adaptive reuse of the property’s north tower. The land site offers 2.7 acres of excess developable land, creating an opportunity for future mixed-use infill development.
Malcolm Davies, Zack Streit, Drew Sandler, Alexander Rossinsky, Aiden Moran, Brandon Asherian and Ben Tracy of The Davies Group sourced the financing on behalf of the undisclosed sponsor.