Fast and Reliable Funding Helps Convert Former Hotel to Affordable Units

Multifamily Conversion
Salt Lake City, UT

In this market, speed and efficiency are paramount. When one of our borrowers needed fast, reliable financing, Newport Capital stepped up to the task. Our team approved a $5.8-million bridge-to-construction loan on a Salt Lake City property in a single day, right before a holiday weekend. The funds were in the borrower’s hands a mere four days later.

The loan went toward the acquisition and pre-development work on a former Ramada Inn near the SLC International Airport that is now being converted into studio apartments with amenity spaces. The project, known as Ville 1659, will include income-restricted units, about half of which are dedicated to the homeless as part of a broader city initiative.

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At Newport Capital, we pride ourselves in providing common sense capital across various real estate asset classes. Reach out to us to learn more.
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