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4/17/20
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Lincoln Station, a 76-unit mixed-use community to be built in the Kimball Junction area of Park City, UT, is closer to development after having just obtained in $19.3 mil in construction and permanent financing. The borrower is Lincoln Station LLC, led by Vincent Criscione of Crisco Development LLC.
The development will feature a community of 68 apartments spread throughout four three-story apartment buildings, eight three-story townhomes, and one two-story commercial/office building. The commercial building will contain three office suites with approximately 4.7k sf of rentable space and 164 sf 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.
The loan was arranged by Mollie Means, Doug Birrell, Bruce Francis, Bob Ybarra, Dana Summers and Shaun Moothart with CBRE Capital Markets’ Debt & Structured Finance team through CBRE’s FHA lending platform. It 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 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.
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