SANDY, Utah/LOS ANGELES – November 20, 2015 – (RealEstateRama) — Dekel Capital, a Los Angeles-based real estate merchant bank that specializes in sourcing and placing equity and debt for active middle market commercial real estate developers and investors, has placed $50 million in financing for the construction and development of the Pinnacle Sandy Apartments in the southeast corridor of the Salt Lake City metropolitan area. The deal was structured as a $36.1 million construction loan through Dekel Capital’s advisory practice and $13.9 million JV-Equity funded by the firm’s proprietary equity fund, Dekel Strategic Investors (DSI).
For the JV-Equity portion of the deal, DSI provided equity capital to the sponsor for the third time. DSI, a division of Dekel Capital, provides equity capital to real estate developers engaging in multifamily, senior housing, student housing and retail development projects.
Pinnacle Sandy Apartments is situated between two of the state’s largest employment hubs, Salt Lake City and Lehi, with easy access to major thoroughfare Route 89 and two TRAX Light Rail Stations that connect residents to the Salt Lake City International Airport, Central Business District and University of Utah. The complex will feature one, two and three-bedroom units, with the average unit size at 952 square feet, and garage parking.