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Mortenson Secures Financing for SLC Office Renovation
JLL Capital Markets arranged financing for The 324, a 214,500-square-foot office building located at 324 S. State St. in Salt Lake City. JLL’s Leon McBroom worked on behalf of the borrower, Mortenson Properties, to secure the four-year, floating-rate loan, with a one-year extension, through ArrowMark Partners.
The loan will allow for additional proceeds for the borrower to use towards planned renovations. Future plans include an amenity package featuring the addition of a market-leading rooftop patio that will provide indoor and outdoor space and offering views of the Wasatch Range.
The 324 was converted to office space in the 1980’s from its historic roots as the famed Auerbach’s Department Store, which was originally constructed in 1911. The five-story property sits on 1.88 acres and is at the corner of State Street and Broadway in the heart of Downtown SLC.
NKF’s Kevin Shannon, Ken White and Rick Stumm cooperated with Bryce Blanchard on the sale. Mortenson acquired the property from Hamilton Partners and Cantor Equities.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing