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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

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing