Lument has announced the closing of a $11.3 million proprietary bridge loan to acquire and renovate Cove on Bruce Apartments, a 76-unit garden-style community in Clearfield, Utah, near Salt Lake City. Ted Nasca, managing director, led the transaction for Lument.
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The sponsor on the transaction is Clear Capital, a developer with a portfolio of 22 properties housing 4,337 units with an average occupancy rate of 95%.
“We always appreciate the opportunity to collaborate with a stellar organization like Clear Capital, which has an elite investment and management team and a very detailed value-add business plan,” said Lument’s Nasca. “We look forward to future collaboration as Clear Capital continues its expansion into the Salt Lake City market and beyond.”
“The team at Lument were true professionals throughout the transaction, overcoming any challenges that arose and helping us achieve our objectives in what was a smooth and efficient process with an exceptional outcome,” said Paul Pellizzon, partner at Clear Capital.
The $11.3 million bridge loan features a two-year term and low interest rate. The closing allows Clear Capital to acquire the 76-unit community and complete $505,000 in capital improvements. Planned renovations include unit upgrades such as stainless steel appliances, washers and dryers, vinyl plank flooring, lighting and plumbing packages, and modernized bathrooms. Planned exterior work includes clubhouse and leasing office renovations, lighting, signage, and landscaping improvements.
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Collaborating on the transaction was George Smith Partners, led by Shahin Yazdi and Matt Kirisits, whom worked with Lument on arranging the financing.
“It was truly a pleasure working with Lument and Clear Capital to structure this transaction and help improve the stock of quality multifamily housing in a fast-growing market,” said Yazdi.
Built in 1983, Cove on Bruce was purchased by the seller in 2018 and subsequently underwent over $900,000 in interior and exterior renovations. All 76 units feature two bedrooms and are housed in five two-story apartment buildings.
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