Northmarq’s Salt Lake City Debt + Equity team arranges $82.5M bridge loan refinance of CINQ & LUMA apartments

SALT LAKE CITY — Northmarq’s Salt Lake City Debt + Equity team led by John Bradshaw, Larry Pinnock and Adam Bradshaw successfully arranged the $82.5 million loan refinancing of CINQ and LUMA, two midrise apartment communities in Salt Lake City, Utah.

Northmarq arranged financing on behalf of the borrower, through a relationship with Prudential.

“These are two great assets developed by Hamilton Partners and dbURBAN Communities,” John Bradshaw said. “We were able to get a structured deal put together with PGIM that met their needs in a challenging CBD multifamily market. Strength of sponsorship and real estate fundamentals carried the day.”

CINQ (550 W. 200 S., pictured above) features modern one-, two- and three-bedroom units.  As an adaptive reuse of a 1920’s warehouse, the elevated design breathes new life into the historic Greektown District of Salt Lake City, and features the revitalized warehouse as the clubhouse, providing the heartbeat to the community.

Community amenities include a fitness center with top-of-the-line equipment, year-round heated lounge pool, courtyard with BBQ and yard games, mezzanine level with speakeasy whiskey lounge, business booths and co-working spaces, bike wash and repair, dog spa and dog play area, controlled parking access and parking garage, parcel pending lockers and professional on-site management and maintenance.

LUMA (205 S. 500 W., pictured below) features studio-, one- and two-bedroom units with stainless steel appliances, granite countertops, walk-in closet, balcony and an urban mud room.

Community amenities include a fitness center, swimming pool, clubhouse, co-working space, on-site maintenance, BBQ grill, bike wash and repair, bike storage, private wine storage, and a private dining and wine tasting area.

CINQ and LUMA define transit-oriented development. The Old Greektown light rail station is adjacent to both properties, the Intermodal Hub is one stop away, all within close walk or ride to the CBD. The Interstate 15 and Interstate 80 on-ramps are only three blocks south. The communities are amenity rich, adjacent to the Gateway Mall, concert venues and the Delta Center.

Image