Updated Mar 17, 2025
Blaser Ventures Secures $64.7 Million Construction Loan For Silos Apartments In Salt Lake City
751 South 500 West
$64,700,000
Units
180
Asset Type
Development Site
Closing
Jul 12, 2024
About this deal
AI
The asset involved in this transaction is an 8.5-acre development site located at 751 South 500 West in Salt Lake City, UT. The property is currently designated for a 180-unit affordable housing development, specifically Silos Apartments, which will address the local affordable housing needs.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $64,700,000
- Lender: Hector Zuniga - KeyBank
- Landlord: Blaser Ventures
- Brokers: Jeremiah Drake & Kortney Brown - KeyBank CDLI
- Loan Type: Construction Loan
The financing was arranged by KeyBank and includes tax credit equity, a construction loan, and taxable bridge equity that supports the development project and the enhancement of the Granary District.
Players
Salt Lake City Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93