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 seasoned team of professionals with extensive underwriting expertise approved a $5.8-million bridge-to-construction loan on a Salt Lake City property in the span of a few days, thus allowing the borrower to execute on a time sensitive deal.
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.