Northmarq arranges financing for the development of 262 apartment units in West Valley, Utah
SEATTLE, WASHINGTON (December 19, 2022) – Jake Leibsohn, senior vice president of Northmarq’s Seattle-based regional office, on behalf of Timberlane Partners and Angelo Gordon, arranged a construction-to-permanent loan through Principal Asset Management for the development of 262 apartment units in West Valley, Utah.
Located adjacent to the Valley Fair Mall, the podium-style multifamily building will consist of studio, 1-bed, and 2-bed units and will feature a resort-style pool, fitness center, pickleball court, rooftop plaza, kids play area, and clubhouse.
“Construction financing has become significantly scarcer in the last six months due to a number of macro factors, including rising interest rates, higher construction costs, and supply chain issues,” said Leibsohn. “However, a strong development team and reliable lender made this successful closing possible. Congratulations to all parties involved!”
The project team includes Rich Day Group, Beecher Walker Architects, Jacobsen Construction, and BHB Engineers. Construction on the project is slated to be complete in late 2024.
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.
