SEATTLE – November 26, 2018 – Berkadia announced the permanent financing for District North Apartments, a 148-unit, newly-constructed multifamily property in Salt Lake City, Utah. Managing Director Louis Weisman of the Seattle office secured the refinancing through Freddie Mac on behalf of Henderson Development. The deal closed on November 16.
The 13-year, fixed rate permanent loan features three years of interest only and was funded prior to stabilization through Freddie Mac’s lease-up program.
District North has had a strong lease-up since its opening in April of 2018 and was one of the first multifamily projects built in the rapidly growing North Temple submarket.
“District North is located ten minutes from Downtown Salt Lake City and Salt Lake City International Airport in a submarket targeted by the city for redevelopment,” said Alex Beatty, Senior Analyst at Berkadia. “Proximity to large employment centers and the TRAX rail line will continue to attract tenants to the neighborhood, and we expect it will continue to evolve over the next decade.”
Located at 233 N. Redwood Road, District North is located one block from a TRAX light rail station, offering convenient access to downtown, the airport and all locations within the Salt Lake City MSA. The newly-completed property offers one- and two-bedroom units featuring spacious floor plans, granite countertops and walk-in closets, as well as stainless-steel appliances in select units. On-site amenities include a swimming pool, a game room and a fully-equipped fitness center.