Not long after creating a new neighborhood, one of Salt Lake City’s most noteworthy recent developments has shored up its future with new financing.
Walker & Dunlop, one of the largest commercial real estate finance firms in the country, announced earlier this week it secured $170 million to refinance the Post District, according to a news release from the firm last week.
The refinancing was provided by Fannie Mae through its near-stabilization program, which, “provides a powerful source of stable, permanent loan financing that supports the construction or significant renovation of conventional and affordable multifamily properties across the nation,” according to Fannie’s website.
“With flexible loan terms and many other benefits, including competitive pricing, prepayment flexibility, and certainty of execution, our Near-Stabilization program is an effective solution for borrowers with a strong lease-up track record,” Fannie’s website says.
“Post District is a dynamic urban redevelopment that reflects the strong demand for thoughtfully designed, mixed-use communities in Salt Lake City’s urban core,” Sean Reimer, managing director of New York Capital Markets at Walker & Dunlop, said in the news release. “… (the) Post District stands as a pioneering example of opportunity zone development, transforming a once-underutilized block of warehouses into a vibrant, premier live-work-play destination.”
Walker & Dunlop New York Capital Markets advised the Sandy-based Bridge Investment Group in the deal, the news release says. Earlier this year, Bridge Investment Group was acquired by Apollo Global Management, a New York-based asset management firm, in an all-stock transaction worth around $1.5 billion.
This isn’t the first time Walker & Dunlop has been involved with the 10-acre Post District development.
The firm also arranged a $157.5 million deal that refinanced the district in 2023, as the deal helped to, “repay the existing debt, fund future costs to complete the construction, and repatriate equity to the client as the project continues the lease-up of its newly delivered units,” according to a 2023 news release.
The Post District, located within the Granary neighborhood near Downtown, is one of the most ambitious projects Salt Lake City has seen in recent memory. Developed by Blaser Ventures, a Building Salt Lake advertiser, the district that was once home to decrepit warehouses and vacant land is now home to 580 residential units, the new headquarters of Traeger Grills and a handful of restaurants — including the James Beard Award-nominee Urban Hill.
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