July 23, 2020
Trez Capital closed construction loans for Lotus Company’s two townhome communities, Foxridge and Whisperwood, in Ogden, UT, 40 miles north of Salt Lake City. The two loans, totaling $12.1 million, are part of Trez’s first financing agreement with Lotus Company to develop Class A affordable townhome rental properties.
Foxridge spans 38,000 square feet of rentable space and will feature 26 townhomes with two- and three-bedroom floorplans. The project broke ground in January and is expected to be complete by December 2020.
Whisperwood also broke ground in January and will feature 40 townhomes with 57,000 square feet of rentable space. All units are comprised of a modern aesthetic, high-end design featuring two-car garages and energy efficient upgrades throughout. It is slated for completion by February 2021.
Lotus Company’s Bryan Wrigley says, “These two new developments are destined to become the high watermark for residential community design in the area and beyond.”
For comments, questions or concerns, please contact Dennis Kaiser