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6/03/19
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A partnership between Vestar and funds managed by Oaktree Capital Management L.P. has obtained a refi loan of $96.9 mil for The Gateway, a 651.8k sf, mixed-use, upscale retail, office and entertainment complex in downtown Salt Lake City, UT. Loan proceeds will be used to retire existing debt and fund future improvements.
Unique aspects of The Gateway include the original Union Pacific Railway building that was built in 1910 and the property’s two newest buildings, which were completed in 2000 and 2001 for the 2002 Winter Olympics. With an open-air concept comprising two levels and seven buildings, The Gateway’s retail portion is home to more than 38 restaurant and retail tenants, including Recursion, Kiln, Punch Bowl Social, Dave & Buster’s, Midici, Megaplex Theatres, Flemings, Ragnar, California Pizza Kitchen, Skinny Fats Food Hall and Victoria’s Secret.
Situated on 21 acres at 41 South Rio Grande, The Gateway is in the Central Business District submarket and is less than half a mile east of the Salt Lake City Intermodal Hub, which provides light rail services from Ogden to Provo. The center is walking distance from Temple Square, the Salt Palace Convention Center and Vivant Arena.
Aldon Cole, Paul Brindley, Todd Sugimoto and Spencer Richley with HFF placed the floating-rate loan with a bridge lender. When the borrower acquired the retail portion in 2016 via a sale brokered by HFF, they implemented a multi-million-dollar plan and converted it from a traditional shopping center to an experiential retail and entertainment destination complemented by creative office. The Gateway transformed Salt Lake City’s lifestyle scene by introducing numerous public art installations, regular festivals and concert events and innovative activities like Beer + Yoga in the courtyard.
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