Northmarq’s Salt Lake City office completes $11,000,000 refinance of The Commons at Newpark in Park City, Utah

SALT LAKE CITY, UTAH (April 21, 2022) – Larry Pinnock, senior vice president/senior director of Northmarq’s Salt Lake City debt/equity office, arranged the $11 million refinance for The Commons at Newpark. The class A, multifamily property located at 1242 Center Drive in Park City, Utah. The transaction was structured on a 10-year term with 3-years interest-only followed by a 30-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through a credit union.

Built in 2020, the 38-unit resort style apartment complex is situated amid Park City’s popular dining, recreation, entertainment, and shopping opportunities. There is a 543-acre wildlife preserve surrounding the community, conveying a natural backdrop of the Wasatch Range with picturesque views. Park City is well known to tourists for its recreational presence and homes nearly 8,000 locals year-round.

The Commons at Newpark, planted in the greater Salt Lake City MSA, is conveniently located just 30-miles east of downtown. The Salt Lake City International Airport is a 40-minute commute from the property. Brigham Young University, located in Provo, Utah, is a highly rated private college just 47.2-miles south of the Park City community and employs over 1,200 staff.

Apartment amenities include: Stainless steel appliances, gourmet kitchen, modern finishes, in-unit washer/dryer, large windows, and on-site car charging station.