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Posted: July 17, 2018
Outside the Region: Uber Capital provides $11 million financing for Cache Valley Mall acquisition
Logan, UT Led by president and founder Joel Gorjian, commercial real estate financial advisory and mortgage origination firm Uber Capital Group, LLC has sourced an $11 million, 10-year term permanent acquisition loan for the purchase of the Cache Valley Mall. The client was a private national commercial real estate investment group. Uber sourced the financing from a regional bank based in the state.
The 505,000 s/f Cache Valley Mall is located at 1300 North Main St. Cache Valley Mall offers retail stores, as well as entertainment and dining options. The center currently has more than 50 tenants, including anchors JCPenney, C-A-L Ranch Store, T.J. Maxx, The Home Depot, and the University Stadium 6 multiplex movie theater.
“We have obtained the loan for the Cache Valley Mall acquisition from a regional Utah bank at 4.85% rate, 75% loan-to-value (LTV) ratio, and 25 year amortization. By utilizing our knowledge of the retail market and long-standing relationships with regional lenders, we were able to close this loan for the borrower in less than two months,” said Gorjian.
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