Dealmaker: Berkadia Secures $32M for Salt Lake City Apartments

(Illustrations courtesy of Berkadia)

Berkadia, Ambler, Pa., secured a $31.5 million bridge loan for sponsor Midtown Capital to complete The Astoria, a 149-unit apartment community in Salt Lake City, Utah.

Located in the city’s Fairpark District, where a new Major League Baseball stadium is under consideration, the apartment community is slated for completion in the third quarter of 2025.

Berkadia Managing Director Scott Wadler and Vice President of Originations Patrick Johnson, along with Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson and Matt Robbins of Berkadia Miami and Boca Raton, secured the financing for Midtown Capital. Midtown’s $1 billion portfolio includes commercial and residential properties in Florida, Texas, Georgia, Illinois and Utah.

New York City-based lender RMWC provided the two-year floating-rate loan to refinance the existing construction loan and fund the project’s completion.

“The Fairpark District is undergoing rapid revitalization following a December vote in favor of upzoning to allow for the development of a major mixed-use development project and, eventually, a new stadium that could lure an MLB franchise to Salt Lake City,” Wadler said.

Located at 11 N 800 West, The Astoria is a seven-story property featuring a mix of micro units (372 square feet), studios (545 square feet), and one- and two-bedroom apartments (up to 955 square feet). The property is adjacent to the Jackson/Euclid light rail station, allowing for immediate access to the SLC International Airport, which is currently undergoing a major expansion, the Delta Center, home of the Utah Jazz basketball team, and downtown Salt Lake City, five minutes away.