SALT LAKE CITY — JLL Capital Markets announced today that it has arranged a $10.19 million construction and permanent financing for Book Cliffs Lodge, a 55-unit affordable housing development in Salt Lake City, Utah.
JLL represented the borrower, Housing Authority of Salt Lake City, in securing the 40-year, fixed-rate loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) program.
Book Cliffs Lodge, located at 1159 S West Temple St. in Salt Lake City, is strategically positioned just 0.25 miles from the UTA TRAX Ball Park Station, providing residents with convenient transit access. The four-story, elevator-serviced apartment building will feature one-bedroom units ranging from 357 to 565 square feet, all serving tenants at 30-80% of area median income.
Salt Lake City continues to address critical affordable housing needs as demand outpaces supply. The transit-oriented location makes Book Cliffs Lodge particularly valuable for residents seeking affordable housing with access to employment centers and public transportation.
The development will offer contemporary living with amenities including quartz countertops, in-unit washer and dryers, a fitness room, clubhouse and dog park. All 55 units are covered under a 20-year Project-Based Voucher Contract, ensuring long-term affordability for residents.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Anson Snyder and Senior Managing Director Chris Gandy.
“The successful arrangement of HUD financing for Book Cliffs Lodge demonstrates the continued commitment to addressing affordable housing needs in Salt Lake City,” said Snyder. “This transit-oriented development’s strategic location and comprehensive voucher coverage make it a vital addition to the city’s affordable housing stock.”
The Housing Authority of Salt Lake City, through their development arm HAME, has developed over 1,000 units and assists more than 3,000 households. Construction is expected to begin immediately with the project being permit-ready with complete plans and specifications.
“A Principal from JLL was there for us at each step of this complex financing,” added Daniel Nackerman from the Housing Authority of Salt Lake City. “The end result will be a beautiful new affordable living complex for small families, seniors and the workforce that help launch the first stages of the City of Salt Lake “Ballpark Next” neighborhood upgrades."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.