Housing Authority Of Salt Lake City Secures $10.19M Loan For Development Site In Salt Lake City

The asset involved in this transaction is a development site located at 1159 West Temple Street in Salt Lake City, UT. The property is intended for a 55-unit affordable housing project known as Book Cliffs Lodge, which aims to provide long-term affordability and good transit access for residents. The loan amount for this development site is $10,190,000, structured as a construction loan with a term of 40 years at a fixed rate.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $10,190,000
• Lender: US Department of Housing and Urban Development
• Landlord: Housing Authority of Salt Lake City
• Brokers: Anson Snyder & Chris Gandy - JLL
• Loan Type: Construction
• Loan Terms: 40-year, fixed-rate loan

The transaction involved JLL as the broker, arranging the financing for the housing project. The focus of the development is to ensure the availability of affordable housing options while providing necessary amenities for residents. The collaboration indicates strong support from local authorities aimed at addressing housing needs in the Salt Lake City area.