SALT LAKE CITY – April 15, 2020 – CBRE Capital Markets’ Debt & Structured Finance team has secured $19.3 million in construction and permanent financing for the development of Lincoln Station, a 76-unit mixed use community to be built in the Kimball Junction area of Park City, Utah.
Mollie Means of CBRE’s Debt & Structured Finance team in Seattle partnered with Doug Birrell, Bruce Francis, Bob Ybarra, Dana Summers and Shaun Moothart, also of CBRE Debt & Structured Finance, to originate the loan through CBRE’s FHA lending platform on behalf of the borrower, Lincoln Station, LLC.
The loan is funded through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(D)4 new construction mortgage insurance program providing an interest-only construction period of 20 months with a 40-year, non-recourse, fully-amortizing permanent loan.
“Lincoln Station will add much-needed affordable housing to the Park City market,” said Mr. Birrell. “The developer has carefully designed a beautiful project that will be a valuable asset to the local community; the convenient location will be very attractive to residents working in Park City and throughout Summit County and surrounding communities.”
The development will feature a community of 68 apartments spread throughout four 3-story apartment buildings, eight 3-story townhomes, and one 2-story commercial/office building. The commercial building will contain three office suites with approximately 4,686 sq. ft. of rentable space and 164 sq. ft. reserved for the leasing office.
The project’s 76 units will consist of a mix of one and two-bedroom apartments, and three-bedroom townhomes. A total of 52 units are to be restricted at a level that is affordable for those tenants who earn 50% to 120% of the area’s median income. The remaining 24 units are to be unrestricted. The apartments will have 147 parking spaces and 44 storage units. The community amenities will include carport assemblies, a community play lawn, e-bike station, bus stop with shelter and ride share pick-up/drop off parking.
“Our goal was to provide desperately needed affordable housing to the Park City community, a notoriously difficult place to develop entry-level housing. We were able to design a project that fully integrated entry-level housing, transportation, and sustainability, much to the satisfaction of local leaders. None of it would have been possible without CBRE’s expertise and tireless efforts in helping us secure the HUD financing necessary to bring the project out of the ground,” said Vincent Criscione of Crisco Development, LLC, the primary owner and developer of this project.
Lincoln Station was designed in accordance with the energy-efficiency design standards of the Energy Star New Homes Certification by Architecture Belgique, Inc., who has extensive experience in designing multifamily projects in Utah. The project’s general contractor is Rimrock Construction and the property will be managed by Apartment Management Consultants, LLC.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.