Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $31.5 million bridge loan on behalf of the sponsor, Midtown Capital, to complete construction of The Astoria, a new 149-unit apartment community in Salt Lake City, Utah. Located in the city’s emerging Fairpark District, where a new Major League Baseball stadium is being planned, the apartment community is slated for completion in the third quarter of 2025.
Managing Director Scott Wadler and Vice President-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, a vertically integrated real estate development and management company with offices in Miami, West Palm Beach, and Madrid, Spain. Its $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,” said Wadler. “The Astoria will provide much-needed housing to this centrally located, rapidly growing neighborhood in Salt Lake City.”
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 the heart of Downtown Salt Lake City, just five minutes away.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
