Northmarq’s Salt Lake City office arranges $78 million refinance of 494-unit multifamily property
SALT LAKE CITY (Jan. 17, 2024) — Northmarq’s Salt Lake City Debt + Equity team of John Bradshaw, executive vice president and regional managing director, and Nate Barnson, senior vice president and managing director, has finalized the refinancing of Midtown 360, a luxury multifamily property, for $78,372,000. Built in 2014 and renovated in 2023, the property boasts 494 units at 360 South State Street in Orem, Utah.
Northmarq arranged the permanent fixed rate loan on behalf of the borrower, De Anza Properties, through Northmarq’s in-house Fannie Mae DUS platform.
“Midtown’s multi-year multi-phase development required the patience and expertise that DeAnza brings. Fortunately, we’ve had a strong relationship with them for decades and were able to track their progress every step of the way,” said Bradshaw. “Fannie Mae loved the mission rich deal, and it was well received in the market.”
Ideally situated on State Street, Midtown 360 offers convenient access to everyday destinations with shopping, dining and recreation within walking distance. In addition to its central location, the 494-unit property offers a variety of apartment homes from studio to five-bedroom floor plans ranging from 546 to 2,120 sq. ft. Midtown 360 features stunning lake and mountain views, cutting-edge fitness club and luxury apartment features.
Apartment amenities include: Large balcony/patio, 9-foot ceilings, wood-style flooring, in-suite fireplaces, fully-equipped kitchens with designer finishes, stainless steel appliances, quartz countertops, custom-wood cabinetry, full-size washer and dryers and abundant close space with built-in organizers. Community amenities include: Controlled-access, resident lounge, demonstration kitchen, underground parking, fitness club with cardio and personal trainers, urban rooftop lounge, year-round pool and spa, poolside cabana and theater.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
