RMWC Provides $32M Bridge Loan for Salt Lake City Apartment Complex

Midtown Capital has secured $31.5 million in bridge financing to complete construction of the Astoria, a 149-unit apartment complex in Downtown Salt Lake City, Utah, Commercial Observer has learned. 

RMWC, a New York-based lender, provided the financing, a two-year bridge loan that will refinance the existing construction debt and help fund the project to completion. 

The Berkadia Miami and Berkadia South Florida teams of Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matthew Robbins arranged the transaction. 

Located at 11 North 800 West Street in Downtown Salt Lake City’s Fairpark district, the Astoria  will stand seven stories and feature studios to two-bedroom apartments. The property stands a short walk from the Jackson-Euclid light rail station and has access to both Salt Lake City International Airport and Delta Center, which is the home arena for the city’s professional basketball and hockey teams. 

Berkadia’s Wadler noted in a statement that the Fairpark district has been experiencing increased commercial real estate investment since the city voted in December to allow development of mixed-use buildings and a new professional baseball stadium to bring a Major League Baseball franchise to Utah one day. 

“The Astoria will provide much-needed housing to this centrally located, rapidly growing neighborhood in Salt Lake City,” added Wadler. 

Brian Pascus can be reached at bpascus@commercialobserver.com