De Anza Secures $78M SLC Apartment Refi

De Anza Properties has secured a $78 million financing of its Salt Lake City Midtown 360 property. Built in 2014 and renovated in 2023, the property boasts 494 units at 360 South State Street in Orem, Utah. 

Northmarq arranged the permanent fixed-rate loan on behalf of De Anza through Northmarq’s in-house Fannie Mae DUS platform. Northmarq’s John Bradshaw added, “Fannie Mae loved the mission-rich deal, and it was well received in the market.”

Midtown 360 offers shopping, dining and recreation within walking distance. In addition to its central location, the 494-unit property offers a variety of apartment homes from studio to five-bedroom floor plans ranging from 546 to 2,120 sq. ft. Midtown 360 features lake and mountain views.

Apartment amenities include balconies and patios, resident lounge, fitness club, urban rooftop lounge, year-round pool and spa, poolside cabana and theater.