**Midtown Capital Secures $31.5M Bridge Loan for The Astoria in Salt Lake City**
Midtown Capital has secured a $31.5 million bridge loan for The Astoria, a 149-unit apartment community located in Salt Lake City’s Fairpark District. The two-year, floating-rate loan was provided by RMWC to refinance an existing construction loan and support the project’s completion.
The Astoria is scheduled for completion in the third quarter of 2025. The project is situated in a rapidly revitalizing neighborhood, where plans are underway for a new baseball stadium, part of a broader mixed-use development initiative. The revitalization effort follows a December vote approving upzoning in the area, which has fueled speculation about Salt Lake City’s potential to attract a Major League Baseball team.
The financing was arranged by a Berkadia team composed of Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson, and Matt Robbins from the firm’s Miami and Boca Raton offices.
“The Fairpark District is undergoing rapid revitalization following a December vote in favor of upzoning to allow for the development of a major mixed-use development project and, eventually, a new stadium that could lure an MLB franchise to Salt Lake City,” said Wadler.
Located at 11 N 800 West, The Astoria is a seven-story building featuring a mix of micro-units (372 square feet), studios (545 square feet), and one- and two-bedroom apartments (up to 955 square feet).
