Berkadia has secured $39.5 million in construction financing for North Union Apartments, a 223-unit multifamily development near Salt Lake City. Director Jonathan Pratt and Senior Managing Director Christopher Ellis worked with lender Pacific Coast Capital Partners to provide the three-year loan for Rockworth Cos.
In February, the two brokers, working with Associate Director Rossana Bouchaya, assisted the buyer of a 376-unit Phoenix property with $39 million in acquisition financing. The community traded for more than $55 million.
According to the developer’s website, North Union will include 7,500 square feet of retail in addition to its multifamily component. The 252,897-square-foot, seven-story property will have two-bedroom units, each equipped with fireplaces and open-concept kitchens.
Located at 942 E. North Union Ave. in Midvale, Utah, the project is within 1 mile of Interstate 215 and near Hillcrest High and Jordan Valley schools. The development is adjacent to the 700,000-square-foot Shops at Fort Union, which includes a Walmart Supercenter, Dick’s Sporting Goods and Ross Dress for Less.