Wintrust Commercial Real Estate is pleased to announce a $47.6 million construction loan to Forum Investment Group and Henderson Development for The Gauge, a 296 multifamily unit apartment community located at the northeast corner of North Temple Street and Cornell Street in Salt Lake City, UT.

With the rise in population in Salt Lake City post-pandemic, The Gauge will bring much-needed multifamily housing with attainable rents to the area. The project will eradicate a vacant lot directly in front of Power Station, which provides direct access to downtown and the Salt Lake City International Airport.

“The Gauge will greatly enhance the North Temple corridor by bringing attainable housing to a true transit-orientated development site that has been significantly underutilized,” says Colorado Market President Andy Kolos of Wintrust Commercial Real Estate. “Our team was excited to help bring this project to life. Finding a creative and flexible lending solution was key to Forum Investment Group and Henderson Development and it was important to Wintrust Commercial Real Estate to make a positive impact in the Fairpark neighborhood.”

Construction of The Gauge will begin in the first quarter of 2023.

“While our lending team is based in Denver, we want to be known for bringing flexible, creative lending solutions and high-touch customer service to the Salt Lake City market,” said Bart Johnson, president Wintrust Bank, N.A. “I’m proud of our team and partners for finding competitive ways to finance this project.”

Find out how Wintrust Commercial Real Estate can help you with lending solutions by starting a conversation today.