Bridge Investment Group and Lowe Property Group have secured $157.5 million in loan proceeds to refinance Post District, a 580-unit, mixed-use development in downtown Salt Lake City.
Affinius Capital LLC and Clarion Partners provided the financing for the three-phase project, which will be used to repay existing debt, fund future construction costs and repatriate equity. According to Yardi Matrix data, the developers took out a $116 million construction loan from Wells Fargo Bank in 2020.
Walker & Dunlop arranged the transaction and co-originated the loan. Managing Director Sean Reimer, Senior Managing Directors Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring, all from the Walker & Dunlop New York Capital Markets team, worked on behalf of the developers.
Construction on the 488,754-square-foot development began in mid-2020. Designed by MVE + Partners, the project consists of four buildings linked by elevated skyways: The Register, Post House North, Post House South and 801 Flats.
LISTEN TO: Podcast—Multifamily Needs Stability to Start 2024 Strong
A transit-oriented development
Located on the complete block from 500 South to 600 South and from 300 West to 400 West, the 13-acre pedestrian-friendly development was designed as a self-sustaining urban environment. Situated in an Opportunity Zone in the Granary neighborhood, Post District will be close to Salt Lake Center Station, Route 89, interstates 80 and 15, providing easy access across the Salt Lake City metropolitan area.
Post District is set to comprise studios, one-, two- and three-bedroom apartments, ranging between 373 and 1,433 square feet, two private outdoor courtyards with indoor and outdoor pools, a 5,604-square-foot fitness center and approximately 26,000 rentable square feet of retail space. Common-area amenities are slated to include four rooftop decks with fire pits, a business center, a clubhouse, a media room, two spas, an outdoor bar and lounge, grill areas, elevators, controlled access and parking spaces.
