Updated Dec 4, 2024
ClearMarket Secures $45M Construction Loan For The Mason Condos In Heber City
1364 Stillwater Drive
$45,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 3, 2024
About this deal
AI
The Development Site located at 1364 Stillwater Drive in Heber City, UT encompasses a total of 90,000 square feet and played a key role in a recent transaction involving a construction loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $45,000,000
- Address: 1364 Stillwater Drive
- Market: Heber City, UT
- Loan Type: Construction Loan
- Landlord: Robert Huggins - Orion
- Landlord's Rep: Maxwell Allen - ClearMarket
ClearMarket, represented by Maxwell Allen, successfully secured a $45 million construction loan for The Mason, a condominium development situated adjacent to the Deer Valley East Village expansion project. This transaction included refinancing 16 existing units and enabling the construction of 60 new luxury residences.
Players
Heber City Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93