Apartment Building Construction in Salt Lake City, UT
The subject loan is for the vertical construction of an apartment building in Salt Lake City, Utah. The loan amount is $17,351,206. The appraised as-completed value is $29,040,000 with a loan to value ratio (LTV) of 59.7%. Consistent with BRMK’s lending practices, the entire loan amount is not released at closing. Funds are disbursed as construction draws as the project progresses. We believe BRMK’s draw process is detailed and includes third party inspections and lien releases through each stage of construction before additional funds are disbursed.
The subject project, known as the Esplanade Apartments, will be a 202-unit multi-family apartment development. The subject loan will finance the construction of the Phase I, consisting of one building with 101 apartment units, a large garage and 1,403 square feet of commercial space on the main floor. The units range in size from 1 bedroom and 1 bath with 500 square feet to 3 bedrooms and 2 baths with 1,300 square feet. Each unit will include premium quartz countertops, custom wood cabinetry, premium stainless-steel appliances, a washer-dryer and a balcony or patio. Building amenities include the main floor retail space, a courtyard, elevators and a rooftop deck.
The subject property is located in downtown Salt Lake City, just south of the Central Business District and just west of Temple Square in the Western/Fairplay Neighborhood. The Salt Lake City International Airport is nearby, approximately 5 miles to the northwest.
We believe that Greater Salt Lake City is a vibrant area which will encourage growth of multi-family developments. GlobeSt.com published an article, Why Salt Lake is Primed to Lead Post Pandemic, describing some of the many factors that make the area attractive for development. Additionally, Salt Lake's transportation infrastructure, including the new Salt Lake International Airport, expanding commuter and light rail, rapid transit bus, and improved freeways and roads – conveniently allows people to move throughout the market. Now more than ever, apartment properties are connected to the entire community, providing an unparalleled lifestyle.