Updated Dec 4, 2024
De Anza Properties Secures $78M Loan For Multifamily Property At 360 State Street In Orem, UT
360 State Street
$78,000,000
Units
494
Asset Type
MultiFamily
Closing
Jan 19, 2024
About this deal
AI
De Anza Properties has secured a $78 million financing deal for its Multifamily property located at 360 State Street in Orem, UT. The property consists of 494 units and is part of the Salt Lake City Midtown 360 development.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $78,000,000
- Address: 360 State Street, Orem, UT
- Market: Orem, UT
- Units: 494
The financing for the property was arranged by John Bradshaw of NorthMarq, who represented De Anza Properties in the deal. The loan was arranged through NorthMarq's Fannie Mae DUS platform and is a permanent fixed-rate loan.
On the Map
$78,000,000
MultiFamily
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Orem MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93