Trez Capital Closes $12.1M in Construction Loans for Two Multifamily Projects in Utah
OGDEN, UTAH — Trez Capital has closed two construction loans, totaling $12.1 million, for the development of two rental townhome communities along Canyon Road in Ogden approximately 40 miles from Salt Lake City. The two loans are part of Trez’s first financing agreement with the borrower, Lotus Co., to develop Class A affordable townhome rental properties.
Construction for both properties, Foxridge and Whisperwood, began in January.
Foxridge features 38,000 square feet of rentable space divided into 26 townhomes with two- and three-bedroom floor plans. Completion of Foxridge is slated for December.
Totaling 57,000 rentable square feet, Whisperwood will feature 40 townhomes in a mix of two- and three-bedroom layouts. All units offer a high-end design with two-car garages and energy-efficient upgrades. Completion is scheduled for February 2021.
Interiors of both properties will feature stainless steel appliance packages and custom kitchens with high-end countertops, upgraded plumbing and electrical fixtures and oversized windows. The properties will also offer residential community space, including barbecues, walking paths and gazebos.