Refi Arranged for Salt Lake Office Pair

SALT LAKE CITY, UT—HFF has secured $47.6 million in proceeds on behalf of Nearon Enterprises to refinance 257 Tower and 515 Tower in downtown Salt Lake City. The two office buildings total 429,000 square feet and are each greater than 93% leased.

HFF arranged two separate facilities to give the borrower maximum flexibility.  A $29.6 million, 10-year, fixed-rate loan was placed with JP Morgan Asset Management for 257 Tower, which is a 13-story, 259,000-square-foot office tower.  HFF placed an $18 million, 10-year, fixed-rate loan with Deutsche Bank for 515 Tower, which is a 14-story office tower comprising 170,000 square feet.  Both loans will be serviced by HFF.