Arden Group BlackPines Capital Partners J-Development Secure $41.5M Refinance Loan For Multifamily In Salt Lake City

The asset involved in this transaction is the Crossing at 9th, a multifamily complex located at 880 West 200 South in Salt Lake City, UT. This property consists of 205 rental units and has undergone refinancing with a total loan amount of $41,500,000. The loan type is categorized as a bridge loan intended for refinancing purposes.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $41,500,000
• Loan Type: Refinance
• Lender: GID Credit Advisers
• Landlord: Arden Group & BlackPines Capital Partners & J-Development Company
• Units: 205
• Address: 880 West 200 South
• Market: Salt Lake City, UT

The deal was facilitated by a joint venture between the Arden Group, BlackPines Capital Partners, and J-Development Company, which secured the refinancing terms through GID Credit Advisers. The financing process was arranged by brokers from Walker & Dunlop, including Dustin Stolly, Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Ari Hirt, and Edward Leboyer. This loan replaces an existing construction loan amounting to $38.2 million previously sourced from Cerberus Capital and also addresses reserves and closing costs.