Sandy Community Underway Now that Financing Is in Place
- Nov 23, 2015
Salt Lake City multifamily market continues to develop as Dekel Capital recently provided financing for a large new residential community in the Sandy submarket. The real estate merchant bank announced that it has arranged $50 million worth of financing for the Pinnacle Sandy Apartments development.
Consisting of a $36.1 million construction loan through Dekel Capital’s advisory practice and a $13.9 million JV-Equity provided by the bank’s equity fund, Dekel Strategic Investors, the loan was sourced through a national money-center ban. According to an official statement, the loan carries a 36-month term and is at 80 percent of total project cost.
Now that the financing is in place, construction on the KCB Architecture-designed project is set to begin at the 8400 S. State St. site by the end of the year, with completion scheduled after 18 months.
Pinnacle Sandy Apartments was designed as a Class A multifamily development that, when completed, will add 331 new residential units to Sandy’s housing stock. Units at the property will have an average size of 952 square feet, while available floorplans will include one-, two-, and three-bedrooms. The community offers proximity to Salt Lake City and Lehi, two of the Utah’s largest employment centers, and major transit lines such as Route 89 and two TRAX Light Rail Stations.
Rendering courtesy of KCB Architecture