Northmarq arranges $60.7 million bridge loan refinance for Altair at Riverwalk apartments in West Haven, UT
WEST HAVEN, Utah (March 12, 2025) — Northmarq’s Salt Lake City Debt + Equity team led by Ben Vroman, Nate Barnson and Bracken Ostler successfully arranged the $60.7 million refinance of Altair at Riverwalk, a 378-unit garden apartment community located at 1575 W Riverwalk Dr. in West Haven, Utah.
Northmarq arranged financing on behalf of the borrower through a correspondent relationship with Argentic. The bridge loan was structured on a two-year term. Sundance Bay was the mezzanine lender behind the senior loan for an additional $20.3 million.
“It’s no surprise that the multifamily absorption story continues to resonate nationwide, and Utah is no exception,” Vroman said. “This loan enables our client to successfully execute their lease-up strategy while also recapitalizing the deal for a two-year term. A huge thank you to our local Investment Sales team, the borrower, and the lender for their outstanding collaboration in making this deal come to fruition. It was truly a team effort from start to finish.”
Built in 2021/2023, Altair at Riverwalk features one-, two- and three-bedroom apartment units with open concept living areas, expansive ceilings, and Smart Home Technology. Unit features include a personal patio or balcony, great views, chef-inspired kitchens with a pantry and prep island, large walk-in closets, included washer and dryer, garages available and more.
Community amenities feature a community playground, a pet-friendly environment with a pet park and pet wash, professional on-site management, a splash pad, outdoor lounge, residential clubhouse, and a resort-inspired pool and spa.
Altair at Riverwalk is conveniently located with easy access to Interstate 15 in West Haven. It is about 40 miles north of Salt Lake City and is within driving distance of the Great Salt Lake, hiking, skiing, and mountain biking opportunities.
