$24M Secured for Utah’s Arcadia Apartments II Development

Wasatch Residential Group obtained $23.5 million of construction and permanent financing to build Arcadia Apartments II in Sandy, UT. Sarah Geis with KeyBank Community Development Lending and Investment arranged for construction and permanent financing of the affordable housing development on Harrison Street.

The project was awarded a 4% low-income housing tax credit (LIHTC), and equity investor Enterprise Community Partners, will kick in $15.6 million in LIHTC equity. The development also was awarded private activity bonds, purchased by KeyBank as a private placement.

Arcadia Apartments II will be limited to 60% of the area median income, and will consist of one-, two- and three-bedroom units. The development will be adjacent to the 211-unit Arcadia Apartments I (also developed by WRG), and shared amenities include a pool, hot tub and fitness room.

For comments, questions or concerns, please contact Amy Sorter