Park City MF Project Secures Development Funding
Lincoln Station, LLC secured $19.3 million in construction and permanent financing for development of Lincoln Station, a 76-unit mixed-use community to be built in the Kimball Junction area of Park City, UT. The primary owner and developer of the project is Crisco Development, LLC.
CBRE’s Mollie Means, Doug Birrell, Bruce Francis, Bob Ybarra, Dana Summers and Shaun Moothart originated the loan through CBRE’s FHA lending platform, on behalf of the borrower.
Birrell says, “Lincoln Station will add much-needed affordable housing to the Park City market. The developer has carefully designed a beautiful project that will be a valuable asset to the local community; the convenient location will be very attractive to residents working in Park City and throughout Summit County and surrounding communities.”
The loan is funded through the HUD’s Section 221(D)4 new construction mortgage insurance program providing an interest-only construction period of 20 months with a 40-year, non-recourse, fully-amortizing permanent loan.
For comments, questions or concerns, please contact Dennis Kaiser