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ArrowMark Partners provides $58M bridge loan for Utah multifamily refinance
The three-year fixed-rate financing covers construction debt and supports lease-up for 286 units completed in 2024 in Heber City.
A joint venture between Alpha Development Group and Bow River Capital has secured $58 million in bridge debt to refinance two newly delivered, adjacent multifamily properties in Utah’s Heber Valley, Commercial Observer reports.
ArrowMark Partners provided the three-year fixed-rate loan to retire past construction debt and help fund lease-up at Sequoia Apartments at Turner Mill and Klein Huis at Turner Mill, both in Heber City.
Together, the projects total 286 units and were completed in 2024. ArrowMark Partners portfolio manager and head of real estate Rob Brown said the area is positioned for demand because there is a lack of multifamily supply in Heber City, which is within commuting distance of Salt Lake City and Park City.
Brown added that as Greater Salt Lake and the Park City area has pulled in population growth, it has become more expensive to own in the region, pushing more people toward renting, Commercial Observer writes.