ArrowMark Partners Refis Utah Apartments With $58M Bridge Loan

A joint venture between Alpha Development Group and Bow River Capital has sealed $58 million of bridge debt to refinance two newly delivered adjacent multifamily developments in Utah’s Heber Valley, Commercial Observer has learned.

ArrowMark Partners provided the three-year fixed-rate loan to retire past construction debt and support lease-up of the Klein Huis at Turner Mill and Sequoia Apartments at Turner Mill properties in Heber City, Utah. Both properties, comprising 286 total units, were completed in 2024. 

KeyBank Real Estate Capital‘s Jack Tidrick negotiated the debt.

Rob Brown, portfolio manager and head of real estate at ArrowMark Partners, said both properties are well positioned for success given the lack of multifamily supply in Heber City, which is within commuting distance of Salt Lake City and Park City.

“Greater Salt Lake and even pulling closer towards Park City has seen a lot of population growth over the past couple years,” Brown told CO. “It has gotten very expensive to own in this area so a lot of people are now renters.” 

Located at 105 East Turner Mill Road, Sequoia Apartments at Turner Mill consists of 145 units ranging from one to three bedrooms. Community amenities include a swimming pool, fitness center, pickleball court and dog run.

The Klein Huis at Turner Mill on 144 East Turner Mill Road features 141 townhome style units in one to three-bedroom layouts. Its amenities include a fire pit, barbeque area, dog run and disc golf. 

Alpha Development Group, Bow River Capital and KeyBank did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.