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.