Salt Lake City, UT – March 19, 2018 – CBRE Capital Markets’ Debt & Structured Finance team has arranged the refinance of Wasatch Commons Apartments, a 224-unit multifamily community located in Heber City, Utah.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the 10-year, interest-only, floating-rate Fannie Mae mortgage on behalf of the owner.
“With the low leverage variable rate financing, the sponsor has the ability to be nimble in the ever-changing marketplace while providing strong cashflow to support the asset and equity returns,” said Andrew Behrens, Vice Chairman, CBRE.
Wasatch Commons Apartments consists of 106 newly renovated one- to three-bedroom units. Amenities include walk-in closets, window coverings, private balconies/patios, A/C, in-unit washer and dryer and fantastic views. Residents can enjoy community amenities such as covered parking, a playground, BBQ areas, a heated swimming pool, a hot tub, clubhouse, 24-hr fitness room and guest parking. Pets are also welcome.
Wasatch Commons Apartments is a 20-minute drive to downtown Park City, Newpark Town Center and Tanger Retail Outlets. Downtown Salt Lake City is less than an hour-drive away, where visitors can enjoy a wide selection of restaurants, cafes, shopping venues, parks and museums. Due to the supply constraints of the market and proximity to the major job centers in the area, Wasatch Commons provides an affordable alternative for potential residents.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.