Atkinson Stacks Sunrise Metro

Overview

Deal Type Agency Lending
Size $16 Million
Freddie Mac (Fixed-Rate Loan)

Summary

The transaction includes a $16 million ($73,578/unit) non-recourse, first mortgage loan secured by a proposed 218-unit, affordable, multifamily apartment community known as Atkinson Stacks Sunrise Metro, located in Salt Lake City, Utah. The property consists of an existing 100-unit, four-story structure called Sunrise Metro, with an addition of 18 new units to the second floor (hereinafter referred to as “Phase I”) and new construction of Atkinson Stacks (proposed 100-unit, six-story structure, hereinafter referred to as “Phase II”). The structures are to be connected by an existing one-story common space. The construction/renovation of Phase I has commenced and has an estimated substantial completion of January 2026. The construction of Phase II is scheduled to commence December 2025, with an estimated duration of approximately 18 months for substantial completion in June 2027. The property is situated on a 2.7-acre site. The proposed loan will be used for substantial rehabilitation of the property. The loan is structured with a 16-year term, and subsequent to a one-year interest-only period, amortizes on a 40-year schedule.

Banking products and services are offered by KeyBank National Association. All credit products are subject to collateral and/or credit approval, terms, conditions, and availability and subject to change.

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