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Silverleaf Buys Note on $20M Distressed Multifamily

SALT LAKE CITY-The non-performing loan for the $20 million Broadway Park condo project was purchased for less than $10 million.

By Robert Carr | Updated on December 28, 2011

SALT LAKE CITY-Silverleaf Financial has purchased a multifamily project here at a steep discount, buying up a $17.7 million non-performing loan on the Broadway Park condominiums. The $20 million project includes about 10,000 square feet of retail.

Local architect Ken Millo started the project through his firms Urban Associates and Allen Millo Associates. However, after finishing 35 of the planned 86 condos, the project bloomed to $20 million, and buyers dropped out after values went south during the recession. The lender who financed the deal also went under and was taken over by US Bank.

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