Northmarq’s Debt + Equity team arranges refinance of The Gallery Apartments in Springville, UT
SPRINGVILLE, Utah — Northmarq’s Salt Lake City Debt + Equity team led by Ben Vroman, Nate Barnson and Bracken Ostler successfully arranged the refinance of The Gallery Apartments, an 82-unit luxury low-rise multifamily community located at 655 S 122 W St. in Springville, Utah.
Northmarq arranged the permanent-fixed financing on behalf of the borrower through a relationship with a life insurance company. The transaction was structured on a five-year term.
“Getting a life insurance company comfortable leaning into forward projected NOI and still delivering flexibility for the sponsor takes the right story and the right partner,” Vroman said. “This was a fun one to get across the line and worked exactly how it should. It was a true win-win scenario for all involved.”
Built in 2024, The Gallery Apartments feature studio, one- and two-bedroom options with energy-efficient stainless steel kitchen appliances, ultra high-speed internet, hardwood-style flooring, secure unit access, a variety of floorplan options and in-unit washer and dryer.
Community amenities include pickleball courts, community space, on-site maintenance and management, abundant parking options, controlled access and a dog park. Residents enjoy a location next door to Smith’s Marketplace for grocery shopping and Clyde Recreation Center for fitness options.
Ample coffee shops, restaurants, entertainment, parks and shopping are located nearby. The Gallery Apartments are located with close access to Interstate 15 and are roughly seven miles south of downtown Provo.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
