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Follow on Google News | Dekel Capital Arranges $50M Financing for Development of Multifamily Property in Salt Lake City AreaDeal marks third JV-Equity partnership between DSI and sponsor
By: Dekel Capital “The Pinnacle Sandy Apartments development offered a unique opportunity for our firm to not only provide capital advisory, but also partner with experienced investors on a well-positioned project,” said Shlomi Ronen, managing principal and founder of Dekel Capital. “The structure of our firm allows us to provide our clients with a complete financial solution for their projects, from acquisition to development and stabilization.” 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. “With the Pinnacle Sandy Apartments project, we were able to provide an optimal opportunity for our investment partners in a growing submarket for a much-needed housing project,” said Ronen. “The Salt Lake City market has strong fundamentals, with an unemployment rate well below the national average and strong population growth.” Dekel Capital Advisory sourced funding for the construction loan through a national money-center bank. The loan has a 36-month term, and is at 80 percent of total project cost. 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. ### About Dekel Capital: Dekel Capital is a Los Angeles-based real estate merchant bank with proven expertise in capital market advisory and private equity in commercial real estate. The firm serves an elite group of commercial real estate operators, investors and developers with an exclusive, boutique approach, allowing them to create tailored solutions that address unique capital challenges. Over the past 15 years, the team at Dekel Capital has financed a combined $2 billion of structured transactions. For more information, please visit www.dekelcapital.com. End
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