The Davies Group at Los Angeles-based George Smith Partners, a leading commercial real estate capital advisory firm, secured $35.2 million in construction financing for the first phase of a hotel-to-multifamily conversion project in downtown Salt Lake City’s rising social hub, The Granary District. Occupying two of the city’s most transformative landmark towers, the first phase calls for renovation of the iconic property’s south tower into a 184-studio apartment multifamily asset with boutique-style amenities. A planned future phase includes the adaptive reuse of the project’s north tower.
Nestled in the heart of The Granary District, the coveted 5-acre site is one of the largest remaining developable land parcels in downtown Salt Lake City. The project offers approximately 2.7 acres of excess developable land, creating significant opportunity for future mixed-use infill development in the up-and-coming social epicenter.
The Granary District is one of the oldest neighborhoods in Salt Lake City, serving as a major industrial and commercial center throughout history. It is undergoing a colossal renaissance as the city center is peppered with artists, breweries, restaurants and novel developments.
“The landmark property and District are cultural anchors to the community, making the project well positioned to meet specific housing demands in a revitalized market,” said George Smith Partners Principal and Managing Director Malcolm Davies.
“We were able to identify a capital provider that appreciated the investment potential of the excess developable land. It has been a true team effort to push this project to the finish line,” said George Smith Partners Senior Vice President Zack Streit.
Downtown Salt Lake City is one of the fastest growing metropolitan areas in the country. The city’s strong fiscal infrastructure has led numerous major employers to station offices in the urban core’s financial hub, yielding unprecedented job growth and diversification. The project builds on Salt Lake City’s long-term economic growth and the increasing demand for Class-A studio units in an area where new supply is limited.
Davies and Streit, along with other Davies Group members, Senior Vice Presidents Drew Sandler and Alexander Rossinsky; Vice President Aiden Moran; Assistant Vice President Brandon Asherian; and Analyst Ben Tracy, sourced the financing on behalf of the sponsor.
About George Smith Partners
George Smith Partners is a leading national provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans, as well as mezzanine loans, highly leveraged participating loans and joint venture equity. The company has arranged more than $58 billion in financing since its inception. Additional information about George Smith Partners is available at www.GSPartners.com.