Cowboy Partners Lands $39M for Salt Lake City Community

1 min read

The note refinances existing debt on the 266-unit luxury community in east downtown.

Liberty BLVD

Cowboy Partners has obtained a $39.3 million Federal Housing Administration loan to refinance Liberty BLVD, a 266-unit luxury mixed-income community in Salt Lake City.

RED Mortgage Capital, a division of ORIX Real Estate Capital, provided the Section 223(a)(7) financing with a reduced interest rate. Proceeds refinance the existing $39.3 million Section 207/221(d)(4) construction loan from 2016.

Located at 455 S. 700 E. on the eastern side of downtown, Liberty BLVD consists of five four-story buildings completed in 2018 on more than 3 acres, according to Yardi Matrix data. The unit mix features studio, one- and two-bedroom floorplans ranging from 435 to 1,037 square feet. Of the total, 53 units cater to households earning 50 percent of the area’s median income without relying on low-income housing tax credits. Amenities include a lounge, fitness center, swimming pool and roof terrace.

The property is less than 2 miles from the city center across from Trolley Square and less than 4 miles from a newly built 95-unit community Cowboy Partners sold in July. The location is also near The University of Utah campus and is easily accessible through public transportation, with a light rail station and several bus stations nearby. 

RED Senior Managing Director Richard Andrews and Senior Advisor David Goodman led the financing deal.

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.