Northmarq’s Salt Lake City Debt + Equity team arranges $27M bridge loan acquisition financing of Hillrise Apartments

SALT LAKE CITY, Utah — Northmarq’s Salt Lake City Debt + Equity team led by John Bradshaw, Ben Vroman and Adam Bradshaw successfully arranged the $27 million acquisition financing for Hillrise Apartments, a 198-unit garden apartment community located at 2385 E 6895 S. in Salt Lake City, Utah.

Northmarq arranged the bridge loan financing on behalf of the borrower, Hillrise Multifamily Title Holder LLC, through a relationship with LoanCore Capital LLC. The transaction was structured on a two-year term.

“This is one of the those hard-to-find repositioning plays on the east side of the Salt Lake Valley,” John Bradshaw said. “Close to the canyons, excellent demographics. Loan Core bought into the fairly heavy lift taking 1970’s vintage units to modern finishes and amenities to fit the high end neighborhood.”

Built in 1978, Hillside Apartments sits just off of Fort Union Blvd. and is within close proximity of restaurants, parks, schools and more. Residents can enjoy mountain views and a short commute to Mount Olympus, the Uinta-Wasatch-Cache National Forest and the Lake Blanche Trailhead. It has nearby access to Interstate 215 and is 14 miles southeast of downtown Salt Lake City.