SALT LAKE CITY, UTAH-Berkeley Point Capital LLC recently closed a $49,680,000 loan for the acquisition of Foothill Place Apartments, a 450-unit garden-style, class-B+, apartment community located in Salt Lake City.
The sponsor, Kennedy Wilson, a vertically-integrated international real estate investment and services firm, purchased the community for $61.8 million, investing $15 million of equity in the transaction and financing the balance of the purchase with Berkeley Point. The financing was structured under Freddie Mac's Capital Markets Execution program as a ten-year term, 3.58% fixed rate loan with two years of interest only payments.
“This asset is our second multifamily acquisition in the Salt Lake City area in the last six months, where we purchased Sandpiper Apartments in November of last year,” said Bob Hart, president of KW Multifamily Management Group. “Foothill and Sandpiper are excellent examples of Kennedy Wilson's value-add repositioning strategy in markets that have stable job growth with high rental demand.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
