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SALT LAKE CITY-Corus Bank has provided a $23.4 million construction loan for Parc at Gateway, a twelve-story residential condominium project within a 40-acre mixed-use development that encompasses six outdoor blocks and the historic Union Pacific Station in Downtown Salt Lake City.

The 24-month loan provides 73% of the cost of construction. The interest rate on this type of a loan generally ranges from 350- to 400 basis points over LIBOR.

Parc at Gateway will consist of 152 residential condominium units and parking for 304 vehicles. The condo tower will sit directly on top of an existing retail shopping center.

John R. Markowicz, the Corus Bank SVP who sourced the loan for the developer, tells GlobeSt.com the retail center was developed with the condo tower in mind. Caissons that will support the tower already run up from the completed retail center and a floor plate was created on the roof of the existing structure that will serve as the template for the condo floors.

“The developer was pleased that we were able to recognize and give credit for costs attributed to the retail development since it provided the infrastructure for the condominium development,” said Markowicz.

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