NorthMarq Arranges $8M Acquisition Loan
- Dec 12, 2019
NorthMarq Capital has arranged $8 million in financing for the acquisition of Newpark Flats, a 43-unit community in Park City, Utah. Goldman Sachs Bank USA provided the permanent, fixed-rate loan, according to public records. NorthMarq’s Vice President Larry Pinnock arranged the loan on behalf of the borrower. The firm recently secured an $8.6 million Fannie Mae loan to refinance a 60-unit community in Reno, Nev.
Situated at 6033 Park Lane South, Newpark Flats is just off Interstate 80, roughly 27 miles from downtown Salt Lake City and within 32 miles from Salt Lake City International Airport. The property is located within a cluster of retailers and entertainment options, which includes the Metropolitan Redstone 8 Cinemas and Newpark Town Center.
Built in 2018, the property encompasses a mix of one- and two-bedroom units, ranging from 604 to 1,101 square feet. The apartments feature stainless steel appliances, granite countertops, in-unit washers and dryers, private decks, fireplaces and garage parking spaces.