December 13, 2016
Mesa West Capital originated a $69.1 million loan, that assisted a ColRich Multifamily-led joint venture in the acquisition of Cobblegate at Quarry Bend, a new, 416-unit multifamily property in Sandy, UT. Overall, seller Miller Development Co. received $93.9 million for the asset.
Located at 903 E. 9000 S., the Salt Lake City-suburban apartment complex offers one, two and three-bedroom units with full-size washer and dryer. Community amenities include a large clubhouse with recreation room and fitness center, barbecue areas, resort-style pool and children’s playground. The property was 50% occupied at closing.
The five-year, floating rate, non-recourse loan 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.
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