Hamilton Zanze Receives $23.4 Million Refi for Utah Property

RIVERDALE, Utah. – January 14, 2021 – San Francisco-based real estate investment firm Hamilton Zanze (HZ) has secured a $23.4 million Fannie Mae loan through Berkadia’s San Francisco office for the refinancing of the 226-unit Cherry Creek Apartments in Riverdale, UT (Salt Lake City metro). The fixed-rate loan has a 10-year term with eight years of interest-only payments.

The company acquired the property in 2012 from Thompson Michie Associates, LLC. The property has undergone approximately $2.5 million in renovations, including extensive exterior upgrades and unit renovations. Moving forward, $3.2 million of additional exterior and interior upgrades are planned.

“After identifying additional upside in the property, refinancing Cherry Creek was an easy decision,” said Anthony Ly, a director on the HZ transactions team. “Proceeds from the refinance will allow us to further improve the asset and return capital to our investors.” 

The garden-style apartments are located just outside of Ogden, Utah, a short drive from the state capital of Salt Lake City. Cherry Creek Apartments are just 10 minutes from Hill Air Force Base, Weber State University, and Ogden Regional Medical Center. Residents enjoy easy access to the nearby Golden Spike Park and Newgate Mall, as well as grocery stores, restaurants, and major retailers.

To learn more about Cherry Creek Apartments, please visit www.cherrycreekapts.com.