WASHINGTON D.C. – July 18, 2019 – Berkadia today announced $44 million in construction financing for Point of View Apartments, a multifamily development in Draper, Utah. Director Jonathan Pratt and Managing Director Paul Wallace of Berkadia’s Washington D.C. office secured the loan on behalf of the JV partnership between Washington D.C.-based Foulger-Pratt Development and Draper, Utah-based Triton Investments. The deal closed on June 19.
The 13-year fixed-rate loan from Pacific Life Insurance Company features an interest rate below 5.25 percent and a 30-year amortization schedule.
“This is Foulger-Pratt’s first development deal in the Salt Lake Valley since the historic Crossroads Mall nearly 40 years ago,” said Pratt. “The asset will be successful due to its expansive views and strategic location straddling Salk Lake and Utah counties. Additionally, the property sits directly adjacent to the newly-built Pluralsight world headquarters, which holds nearly 5,000 employees.”
“Triton Investments’ proven experience as a premier multifamily developer in the Salt Lake Valley market was a key component in securing the construction-to-permanent financing,” added Wallace. “The combination of Point of View Apartments’ proximity to one of the fastest growing employment centers in Salt Lake City, a best-in-class amenities package and the spectacular views of the surrounding Draper Valley will all ensure the long-term success of the project.”
Point of View Apartments will be constructed along Bangerter Parkway and Vestry Road, affording convenient access to Interstate 15, Wheadon Park, Loveland Living Planet Aquarium and South Mountain Golf Course.
The proposed project design consists of a Class A elevator-serviced urban midrise apartment building and will feature one-, two- and three- bedroom floor plans. Each unit will have nine-foot ceilings, hardwood cabinets with granite countertops, a microwave oven, a dishwasher, a refrigerator and a washer and dryer. Upper-level units will each have a 10- to 11-foot ceiling and larger windows to accommodate a full panoramic view of the Salt Lake City Valley. Property amenities will include enhanced building security, a full smart home technology package, a state-of-the-art fitness center and a swimming pool with a spa.