Northmarq’s Salt Lake City Debt + Equity team arranges $38M refinance of Bowers Residences apartment community

SOUTH SALT LAKE CITY, Utah — Northmarq’s Salt Lake City Debt + Equity team led by John Bradshaw, Nate Barnson, Bracken Ostler and Adam Bradshaw successfully arranged the $38 million refinance of Bowers Residences, a 236-unit mid-rise apartment community located at 55 W Utopia Ave. in South Salt Lake City, Utah.

Northmarq arranged the permanent-fixed financing on behalf of the borrower, SSLC Multifamily-Parking LLC, through a relationship with New York Life.

“This is a great asset. Great close in location with transit adjacent giving access to the whole metro area,” John Bradshaw said. “We’re happy to find the right fit for NYLife and the sponsors.”

Built in 2023, Bowers Residences offer studio-, one-, two- and three-bedroom layouts in a vibrant, lively community setting. Amenities include a fitness center with a bouldering wall and a yoga/spin studio, a luxurious spa, private rooftop lounge and courtyard with games and grills, and a co-working shared office space with a rentable clubroom and kitchen.

Bowers Residences boasts a location near grocery, restaurants, shopping, breweries and more. It is blocks away from access to Interstate 15, and it is roughly 3.5 miles away from downtown Sat Lake City.