May 31, 2019
A partnership between Phoenix-based Vestar and funds managed by Oaktree Capital Management L.P. received $96.9 million to refinance The Gateway, a 651,778-square-foot, mixed-use property in downtown Salt Lake City. The upscale complex, which includes retail, office and entertainment, is situated on 21 acres at 41 South Rio Grande in the CBD.
HFF’s Aldon Cole, Paul Brindley, Todd Sugimoto and Spencer Richley worked on behalf of the borrower to place the floating-rate loan with a bridge lender. Loan proceeds will be used to retire existing debt and fund future improvements.
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. Unique aspects of the property 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.
For comments, questions or concerns, please contact Dennis Kaiser