CBRE Arranges Financing for Salt Lake City-Area Project
The firm's Debt & Structured Finance team secured a $19.3 million loan for the partially affordable development.
CBRE has secured $19.3 million in construction and permanent financing for the development of Lincoln Station, a 76-unit partially affordable project in Park City, Utah. Mollie Means of the firm’s Debt & Structured Finance team in Seattle, together with Doug Birrell, Bruce Francis, Bob Ybarra, Dana Summers and Shaun Moothart, originated the loan through CBRE’s FHA lending platform.
Crisco Development received the 40-year financing funded through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) new construction mortgage insurance program. The non-recourse permanent loan has an interest-only construction period of 20 months.
In order to bring the project online, the developer teamed up with Rimrock Construction as general contractor and Architecture Belgique Inc. as architect. Upon completion, the property will be managed by Apartment Management Consultants.
A partially affordable community
Lincoln Station will encompass 68 apartments spread across four three-story buildings, eight three-story townhomes and a two-story commercial/office building including 4,686 square feet of rentable space. The property will include 147 parking spaces and 44 storage units. The project was designed in accordance with the energy-efficiency standards of the Energy Star New Homes Certification.
The unit mix will feature one- and two-bedroom apartments and three-bedroom townhomes. Fifty-two units are to be reserved for households earning between 50 to 120 percent of the area’s median income. Amenities will include carport assemblies, a community play lawn, an e-bike station, a bus stop with shelter and ride-share parking.
Located some 27 miles east of downtown Salt Lake City, the 4-acre development site is on Bitner Road in the Kimball Junction area, just north of Interstate 80. The property is near Newpark Town Center and Redstone Cinemas, with Swaner Nature Preserve also close by. Adjacent to Newpark is a 43-unit community that traded in December, with NorthMarq securing the acquisition loan.