In August 2016, CDT provided a $2 million permanent mortgage to finance a 101-unit family rental property located in Provo, Utah. The property consists of both studio and one-bedroom apartments in a single four-story elevator building and includes a clubroom, exercise room, business center, and a tot lot. A portion of the property units include a set aside for victims of domestic violence, youth transitioning from foster care, previously homeless individuals, and people with disabilities. This redevelopment benefited from state financial support from the Olene Walker Housing Loan fund, energy efficient rebates, as well as low income tax credit equity.
Startup Crossing was developed by the Giv Group, a Utah-based developer of affordable housing and is CDT’s second investment with this developer. In addition to CDT’s permanent mortgage, other financing was provided by Goldman Sachs as both construction lender and equity investor.