Affinius, Clarion Originate $158M Refi for Salt Lake City Multifamily Development
Refinancing will help complete massive mixed-use downtown development
By Brian Pascus November 27, 2023 2:34 pm
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Bridge Investment Group and Lowe Property Group have secured a $157.5 million loan to refinance Post District, their 580-unit, Class A mixed-use multifamily development in Downtown Salt Lake City, Commercial Observer has learned.
The financing was provided by Affinius Capital and Clarion Partners (CPREX). Walker & Dunlop’s New York Capital Markets team arranged financing and was led by Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, Mo Beler and William Herring.
The loan will pay off the existing debt on the project and fund future costs to complete construction.
“Post District will drive Downtown Salt Lake City’s evolution, while the competitive financing package will unlock immediate value for the future of the sponsor’s opportunity zone platform,” said Reimer, who serves as a managing director of capital markets at Walker & Dunlop.
Tom Burns, managing director of Affinius Capital, noted that this is his firm’s first deal with Bridge Investment Group and Lowe Property Group.
“The property features multiple buildings that cater to different tenant profiles and has leased up extremely well due to the high-quality amenities and mixed-use nature of the project,” said Burns in a statement.
Located at 570 South 300 West — and covering nearly an entire city block — in Downtown Salt Lake City, the first phase of Post District opened in May this year to wide acclaim. Local newspapers described the $144 million mixed-use development as the new “it” project for the city, noting that the development includes housing, retail, restaurants and public walkways, and had reused parts of an aging industrial structure that had been left to waste away.
The development was built over the site of the former Salt Lake Tribune newspaper distribution facility, which had become dilapidated since the newspaper ceased print publication in 2020.
Post District’s 26,000 square feet of rental space is spread over four buildings and covers 580 units. Residences are linked by elevated skyways and feature numerous community amenities, notably a movie theater, a game room, a dog spa, a rooftop lounge, a 24-hour fitness center, a golf simulator and a coworking space.
On-site restaurants include Urban Hill, Sunday’s Best and Menso Ramen, while retail outlets features on the south street side include Level Crossing Brewery and Urban Sailor Coffee.
Clarion Partners did not respond to requests for comment on the deal.
Brian Pascus can be reached at bpascus@commercialobserver.com
