CBRE secures financing for the acquisition of a townhome community in Salt Lake City
Salt Lake City — CBRE has arranged the financing for the acquisition of Coventry Townhomes in Woods Cross, Utah. Ryan Jameson, Jesse Weber, and Stephen Baird with CBRE Capital Markets’ Debt & Structured Finance secured the $13.2 million loan on behalf of the buyer, HiCap Management. The loan is a seven-year, fixed-rate conventional Fannie Mae loan with five years of yield maintenance.
“Coventry’s townhome-style unit layouts and modern amenities have been well received by renters,” says Ryan Jameson, VP, CBRE. “Investors continue to look to suburban submarkets in and around major MSAs such as Salt Lake City to capture the out-migration from urban cores. North Salt Lake County has seen impressive rent growth throughout the pandemic.”
Coventry Townhomes was acquired off-market from a local developer as part of a 1031 exchange for the buyer. The property is located at 2323 South 800 West in Woods Cross, a northern suburb of Salt Lake City.
The acquisition is HiCap Management’s third in the greater Salt Lake City area as the firm continues to pursue opportunities to expand its Western US portfolio.