Lake Union Partners has taken a $34.1 million refinancing package for The Meridian, a 263-unit Class A property in Salt Lake City. NorthMarq Capital arranged the 10-year, $34.1 million loan through Fannie Mae. The mortgage bears a note rate of 3.87 percent.
Completed in August 2018, the two-building asset encompasses studio, one- and two-bedroom apartments, averaging 723 square feet. Community amenities include a fitness center, clubhouse, playground, children’s playroom, swimming pool and spa.
The Meridian is on 5.2 acres at 30 N. Orange St. within the Airport East Business Park neighborhood. Located next to the intersection of interstates 215 and 80, the property is 4 miles from downtown Salt Lake City. The community is near several bus and light rail lines on North Temple Street, which provides access to the metro’s international airport, also 4 miles away.
NorthMarq’s Senior Vice President & Managing Director John Bradshaw arranged the loan. The firm also secured $8 million in financing for the acquisition of a 43-unit community in Park City, Utah.