Berkadia Arranges $44M in Apartment Construction Financing

Berkadia, New York, announced $44 million in construction financing for Point of View Apartments, a proposed Draper, Utah, multifamily development.

Director Jonathan Pratt and Managing Director Paul Wallace of Berkadia’s Washington D.C. office secured the loan for a joint venture partnership between Foulger-Pratt Development, Washington D.C., and Triton Investments, Draper, Utah. The deal closed on June 19.

The 13-year fixed-rate loan from Pacific Life Insurance Co. closed at a sub-5.25 percent interest rate with a 30-year amortization schedule.

“This is Foulger-Pratt’s first development deal in the Salt Lake Valley since the historic Crossroads Mall nearly 40 years ago,” said Pratt. He noted the asset straddles Salt Lake and Utah counties. “Additionally, the property sits directly adjacent to the newly built Pluralsight (online education company) world headquarters, which holds nearly 5,000 employees.”

Wallace noted Point of View Apartments is close to one of the fastest-growing employment centers in the Salt Lake City area. Point of View Apartments will be constructed along Bangerter Parkway and Vestry Road, offering access to Interstate 15, Wheadon Park, Loveland Living Planet Aquarium and South Mountain Golf Course.

The proposed project design includes a Class A elevator-serviced urban midrise apartment building. Upper-level units will have a 10- to 11-foot ceilings and larger windows to allow better views of the Salt Lake City Valley.