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12/13/16
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A ColRich Multifamily-led venture recently closed on the $93.9 mil acquisition for Cobblegate at Quarry Bend, a newly constructed 416-unit multifamily community in the Salt Lake City suburb of Sandy, UT. The transaction was funded with a $69.1 mil first mortgage loan originated by Mesa West Capital.
The sale coincided with the completion of the last of 15, four-story residential buildings at the project by the seller, local developer Miller Development Company. Each of the one-, two- and three-bedroom units feature high-end finishes and amenities including full size washer and dryer, fully equipped kitchens with stainless steel appliances, granite countertops and wood floors. The apartment community also features a large two-story clubhouse with a fireside lounge, recreation room and fitness center, resort-style pool, barbecue areas and children’s playground. The property was 50% occupied at closing.
With the acquisition of Cobblegate, San Diego-based ColRich now owns five multifamily properties totaling more than 1,500 units in the greater Salt Lake City MSA and nearly 12,000 throughout the Western United States.
Mesa West’s five-year, floating rate, non-recourse loan was originated out of the Mesa West Real Estate Income Fund IV, LLC, part of a family of funds managed by the Los Angeles-based private lender. The financing was locked in three months ago as part of a forward commitment by Mesa West, which continues to be an active lender in the multifamily space.
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