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| Peter Smyslowski |
SAN FRANCISCO, CA – HFF announced today that it has secured
$47.6 million in proceeds on behalf of Nearon Enterprises to refinance 257
Tower and 515 Tower in downtown Salt Lake City, Utah. The two office buildings total 429,000
square feet and are each greater than 93 percent leased.
HFF
arranged two separate facilities to give the borrower maximum flexibility. A $29.6 million, 10-year, fixed-rate loan
was placed with JP Morgan Asset Management for 257 Tower, which is a 13-story,
259,000-square-foot office tower.
HFF placed an $18
million, 10-year, fixed-rate loan with Deutsche Bank for 515 Tower, which is a
14-story office tower comprising 170,000 square feet. Both loans will be serviced by HFF.
The
properties are located half of a mile apart in downtown Salt Lake City and
within walking distance to one of Utah’s top retail destinations, City Creek
Center. The buildings are less than one
and a half miles from the Utah State Capitol and less than two and a half miles
from the convergence of Interstate 80 and Interstate 15.
The
HFF debt placement team representing the borrower was led by managing director Peter
Smyslowski and associate director Brandon Roth.
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| Brandon Roth |
“The high quality real estate coupled with strong market
fundamentals attracted a wide array of capital providers,” Smyslowski said.
Nearon Enterprises is a privately-held real estate
investment company founded in 1945.
Nearon Enterprises currently owns and manages approximately 3 million
square feet of commercial real estate assets, principally located in California
and Utah.
Property types include
office, industrial, retail, multifamily, land and mixed-use. Learn more at www.nearon.com.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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