Fast and Reliable Funding Helps Convert Former Hotel to Affordable Units

Multifamily Conversion
Salt Lake City, UT
$5,800,000

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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