Northmarq arranges financing for the development of 262 apartment units in West Valley, Utah

Multifamily Property

Debt & Equity

Multi-Tenant

SEATTLE, WASHINGTON (December 19, 2022) – Jake Leibsohn, senior vice president of Northmarq’s Seattle-based regional office, on behalf of Timberlane Partners and Angelo Gordon, arranged a construction-to-permanent loan through Principal Asset Management for the development of 262 apartment units in West Valley, Utah.

Located adjacent to the Valley Fair Mall, the podium-style multifamily building will consist of studio, 1-bed, and 2-bed units and will feature a resort-style pool, fitness center, pickleball court, rooftop plaza, kids play area, and clubhouse.

“Construction financing has become significantly scarcer in the last six months due to a number of macro factors, including rising interest rates, higher construction costs, and supply chain issues,” said Leibsohn. “However, a strong development team and reliable lender made this successful closing possible. Congratulations to all parties involved!”

The project team includes Rich Day Group, Beecher Walker Architects, Jacobsen Construction, and BHB Engineers. Construction on the project is slated to be complete in late 2024.

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About Northmarq

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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.