SALT LAKE CITY, UT—HFF has secured $47.6 million in proceeds on behalf of Nearon Enterprises to refinance 257 Tower and 515 Tower in downtown Salt Lake City. The two office buildings total 429,000 square feet and are each greater than 93% 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.
“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. The firm 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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
