$2.7M Affordable Senior Housing Loan Sought for Fairmont Heights II
City of Salt LakeCity · Salt Lake City, UT- Disclosed value
- $2,700,000 (requested; pending Board decision)
- From agenda
- Document date
- Feb 13, 2024
The 30-second brief
Lincoln Avenue Capital is seeking a $2.7 million loan from Salt Lake City's Redevelopment Agency for the Fairmont Heights II senior affordable housing project. The proposed financing covers acquisition with a potential conversion to a long-term construction-to-permanent loan. Board decision is pending.
Lincoln Avenue Capital holds this financial services contract with City of Salt Lake. Its other public contracts on record include work for Northern Moraine Water Reclamation District and Garfield County.
Term as filed: Acquisition: 1% interest, 2-year term, balloon payment or conversion to permanent loan. If converted, construction to permanent: 16-year term, 40-year amortization, hard repayments..
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Contract details
- Contract type
- Financial Services
- Amount
- $2,700,000 (requested; pending Board decision)
- Document date
- February 13, 2024
- Term
- Acquisition: 1% interest, 2-year term, balloon payment or conversion to permanent loan. If converted, construction to permanent: 16-year term, 40-year amortization, hard repayments.
- Vendor
- Lincoln Avenue Capital
- Agency
- City of Salt Lake
- Source document
- redevelopment-agency-of-salt-lake-city-agenda-february-13-2024_0c1.pdf (Agenda)
Lincoln Avenue Capital's other public contracts
More City of Salt Lake contracts
Questions about this contract
Who was awarded the financial services contract by City of Salt Lake?
Lincoln Avenue Capital was awarded this financial services contract by City of Salt Lake, as recorded on February 13, 2024. The contract value is $2,700,000 (requested; pending Board decision).
How much is the Lincoln Avenue Capital contract with City of Salt Lake worth?
The Lincoln Avenue Capital contract with City of Salt Lake is valued at $2,700,000 (requested; pending Board decision), covering financial services work.
What type of contract is this?
This is a Financial Services contract, documented as a agenda record.
Where was this contract approved?
This contract appears in redevelopment-agency-of-salt-lake-city-agenda-february-13-2024_0c1.pdf (Agenda), dated February 13, 2024 from City of Salt Lake. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does Lincoln Avenue Capital hold?
Lincoln Avenue Capital may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is City of Salt Lake currently buying?
Explore City of Salt Lake's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.