Berkadia Completes Sale and Secures Financing for Multifamily Property in Salt Lake City

March 10, 2020

Berkadia Completes Sale and Secures Financing for Multifamily Property in Salt Lake City

March 10, 2020
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CHICAGO and SALT LAKE CITY – March 10, 2020 – Berkadia today announced the sale and financing of Eagles Landing, a 378-unit garden-style multifamily property in Salt Lake City. Managing Director Greg Barratt of Berkadia’s Salt Lake City office completed the sale on behalf of the seller, Mount Auburn Capital Group. Real estate investment firms Marble Partners LLC and Lion Real Estate Group purchased the property through a joint venture with MHW Salt Lake City LLC, a private fund created by Whittier Trust Company, headquarted in South Pasadena, California. This is the first acquisition for Marble Partners and Lion Real Estate Group in Salt Lake City. The deal closed on February 28.

Senior Director Michael Slovitt of Berkadia’s Chicago office also secured financing for the property on behalf of the buyer. The 10-year Fannie Mae loan features a 3.47 percent fixed interest rate, a 30-year amortization and five-years interest-only.

Located at 625 S Redwood Road, Eagles Landing features one- and two-bedroom floor plans. Community amenities include a fitness center, a pool, a playground, laundry facilities, covered parking and a clubhouse. Residents are afforded convenient access to I-15, I-80 and downtown Salt Lake City. In conjunction with their acquisition, the buyers will rebrand the property as Ashford Apartments.