WASHINGTON D.C. – April 15, 2020 – Berkadia announced today the $17.89 million in financing secured for Greyhawk Townhomes, a multifamily property comprised of condominiums and townhomes in Layton, Utah. Managing Director Laura Saull Smith and Director Jonathan Pratt of Berkadia’s D.C. Metro office secured the loan through HUD on behalf of the borrower, Utah-based Wen Holdings, LLC. The deal closed on March 30.
“We were not only able to bring down the interest rate significantly, but under the 223(a)7 program we were also able to qualify this new project as “green” and reduced the annual Mortgage Insurance Premium required by HUD, saving the owner hundreds of thousands of dollars over the life of the new 40-year loan term,” said Saull Smith.
Located at 3310 North 1750 East, Greyhawk Townhomes features two- and three-bedroom spacious floor plans with walk-in closets, nine-foot ceilings and in-unit washers and dryers. Community amenities include a resort-style pool, a lounge, a 24-hour fitness center and a playground. Residents are afforded convenient access to Sun Hills Golf Course, Layton Hills Mall and Lagoon Amusement Park.
“Our team is excited for an opportunity to grow our expertise in the Salt Lake City area. We execute on a national scale, but we are most excited about growth in SLC,” said Pratt. “Greg Barratt and I partner with Berkadia’s other platforms and capabilities across investment sales, capital markets, loan servicing and data technologies. As such, we are able to cover all of our client’s local and national needs, while also showcasing the value for our clients in this market.”