Alta Vue Apartments
The Subject is the new construction of a 5-story building comprised of 218 units of LIHTC MF housing that is located on a 1.5-acre site at 820 West 200 South, Salt Lake City UT. The building will be constructed over a 131-stall garage. The site is comprised of 9 separate parcels previously acquired by the Borrower that will be re-platted to a single parcel prior to closing. Four older SF homes are currently on the site and will be demolished as part of the construction. The project is being financed by the subject loan and $22.8MM in 4% LIHTC equity provided by Goldman Sachs ($0.95/$1.00). The Utah Housing Corporation (UHC) will issue the tax-exempt bonds. The total construction budget is $50.01MM ($229M/unit) including acquisition costs of $4.16MM ($19M/unit) and construction costs total $36.9MM ($177M/unit, inclusive of HC contingency). 184 units are 1BR and 34 are 2R. All 218 units are restricted under LIHTC at 60% AMI. Unsecured parking is included in rent.