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SALT LAKE CITY — Midtown Capital has secured a $31.5 million bridge loan to complete the construction of The Astoria, a 149-unit property situated in the Fairpark District of Salt Lake City. Located at 11 N. 800 West, the seven-story asset will offer 372-square-foot micro units, 545-square-foot studios and one- and two-bedroom floor plans up to 955 square feet each.
The development is slated for completion in the third quarter of 2025.
Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia arranged the financing. New York-based lender RMWC provided the two-year, floating-rate loan to refinance the existing construction loan and fund the project’s completion.