Midtown Capital obtained a $31.5 million bridge loan for The Astoria, a 149-unit apartment community in Salt Lake City. RMWC provided the two-year, floating-rate loan to refinance the existing construction loan and fund the project’s completion.

Located in the city’s Fairpark District, where a new baseball stadium is being planned, the apartment community is slated for completion in the third quarter of 2025. 

Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia Miami and Boca Raton, secured the financing for Midtown Capital.

“The Fairpark District is undergoing rapid revitalization following a December vote in favor of upzoning to allow for the development of a major mixed-use development project and, eventually, a new stadium that could lure an MLB franchise to Salt Lake City,” said Wadler.

Located at 11 N 800 West, The Astoria is a seven-story property featuring a mix of micro-units (372 square feet), studios (545 square feet), and one- and two-bedroom apartments (up to 955 square feet).