Greystone Provides Refi for Salt Lake City Luxury Townhouses

Patriot Pointe. Image courtesy of Greystone

Greystone has provided a $20.3 million Fannie Mae refinancing loan for Patriot Pointe Apartments, an 87-unit townhouse-style apartment community in Utah.

Located at 111 E 2250 North in North Ogden, Utah, the luxury property was constructed in 2020.

The loan, part of Fannie Mae’s Delegated Underwriting & Servicing Green Rewards program, is to be paid in full-term, interest-only increments, subject to a non-recourse, fixed-rate agreement over 10 years with a 30-year amortization. The Clawson Group Inc. served as a correspondent in the transaction.

Following a number of upgrades to its energy systems, the community became Fannie Mae Green Globes-certified. The property is sectioned into one- and two-bedroom living arrangements, which include kitchens with granite countertops, attached garages, walk-in closets, laundry machines and attached garages.

READ ALSO: Berkadia’s Cautiously Optimistic Outlook for the BTR Sector

Community-wide, residents will have access to a swimming pool and clubhouse, with homes connected through landscaped courtyards. Additionally, the community is within one mile of North Ogden’s numerous public schools and parks, as well as the surrounding area’s ski resorts and campsites. Situated within three miles of Interstate 15, the community has direct access to downtown Salt Lake City, 38 miles away.

Greystone Managing Director Lorie Hanson oversaw the financing, while Johnny Clawson, president & CEO of The Clawson Group, served as a loan correspondent.

Strong fundamentals in Salt Lake City

Patriot Pointe’s financing occurs as nearly all of Salt Lake City’s core numbers trend upwards, bolstered by a recent flurry of investment activity and significant employment growth. According to data from an October 2022 Yardi Matrix report, the city’s rent growth rate and occupancy rates of 14.5 and 96 percent, respectively, stand above national averages. Development has been stable, with 17,129 units in the metro’s pipeline and 5,984 units having broken ground in the first eight months of the previous year, the report shows.

Recent high-profile investments from around the city include Hill Street Realty’s acquisition of Downtown 360, a 151-unit market rate community in the city center. On the development end, in June of 2022, Hines unveiled its plans to transform South Temple Tower into a 255-unit luxury high rise community.