PCCP is pleased to announce it has provided a $60 million senior loan to J. Fisher Companies for the construction of The Edison, a seven-story, 201-unit multifamily community located at 256 South 200 East in downtown Salt Lake City, Utah.
The Edison will have five residential stories over two levels of parking (158 stalls) and 7,800 square feet of ground floor retail. The unit mix will consist of 40 junior one-bedroom units, 105 one-bedroom units, and 56 two-bedroom units with an average size of 823 square feet. The units will feature 10’ ceilings, stainless steel appliances, quartz countertops with custom cabinetry in the kitchens, LVT wood plank flooring, walk-in closets, and full-size washers and dryers in every unit. Community amenities will include a swimming pool, hot tub, sauna, fitness center, golf simulator, arcade, clubhouse, co-working space, outdoor fireplace, and a courtyard with barbeques.
“PCCP believes this loan provides the opportunity to lend to an experienced local developer in a desirable downtown Salt Lake City location,” said Alex Schultz, Managing Director with PCCP.
Located in downtown Salt Lake City, The Edison provides walkability to restaurants, retail, the Delta Center, and Salt Palace Convention Center, as well as access to transportation and employment with Goldman Sachs, Wells Fargo, and Zions Bancorporation offices within four blocks of the site. The project is one block from the Washington Square Park Library Station, which is part of the TRAX light rail system and provides transportation throughout the metro and is 15 minutes east of the Salt Lake City International Airport.
PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $24.9 billion in assets under management on behalf of institutional investors as of September 30, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 26-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $42.2 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.
