Columbia Pacific Advisors arranges USD31.05m loan for Campus SLC in Salt Lake City
Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a USD31.05 million loan to Lake Union Partners for the adaptive reuse of Campus SLC, a former industrial complex located in the up-and-coming Granary district of Salt Lake City.
The planned 130,000-square-foot retail and hotel campus will be co-anchored by evo, an innovative action sports and outdoor lifestyle retailer, and The Bouldering Project, a world-class bouldering (rock climbing) gym. The property will also include local retailer L9 Sports, dining options, an art gallery, a skatepark, and other recreational activities.
“We are pleased to be able to work with a group of Lake Union Partners’ calibre. They are a seasoned developer with a strong track record of delivering unique, high quality projects,” says Will Nelson, Senior Vice President of Real Estate Lending at Columbia Pacific Advisors. “Campus SLC provides a unique opportunity to participate in bringing a one-of-a-kind, outdoor enthusiast inspired retail and hospitality experience to Salt Lake’s burgeoning Granary District. We believe the Granary is an ideal location for Campus SLC, due to the district’s strong leasing activity and ongoing redevelopment into the city’s most vibrant neighbourhood.”
Lake Union Partners specialises in residential mixed-use and commercial projects throughout the West, such as The State Hotel in downtown Seattle. The company has also successfully completed several projects in Utah including The Meridian, a 263-unit apartment building in Salt Lake, and Hawthorne Townhomes, a 218-unit for-rent townhome development in Salt Lake. Campus SLC is the company’s first development in the Granary district.
An historically industrial neighbourhood, the Granary has undergone a major transformation into a creative and recreational hub. Recent changes have included the construction of new apartments, office buildings, and recreational space, along with restaurants, bars, coffee shops, and art studios targeted to a younger demographic.