Kanesville Crossing is a planned development located in Ogden, UT, that consists of 78 townhomes. The project is being financed using the Utah Homes Investment Program, which has set aside money to help developers build affordable housing. Sixty percent of units must have a purchase price less than $450,000 and be owner-occupied. Weber County is experiencing strong population growth and has a limited supply of townhome inventory, underscoring the project's strategic market positioning.
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Kanesville Commercial Condos is a planned development located in Ogden, UT, that consists of 12 to 15 office/retail condos. Weber County is experiencing strong population growth. Similar office condos have sold exceptionally well in neighboring communities.
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Notes: Construction was almost complete and funds were needed to complete construction and refinance the property. Refinancing took longer than expected and multiple extensions were needed, each of which carried additional fees and increased the total return.
Kanesville Crossing is a planned development located in Ogden, UT, comprising 78 townhomes and approximately 30,000 square feet of mixed-use commercial space for retail and office. A bridge loan was needed while issues related to the sewer infrastructure were resolved.
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Investment Metrics
Notes: Owner needed bridge loan to complete refinancing. New lender needed more time to finalize the new loan. 30 day bridge loan was issued with guaranteed interest and fees. Loan was paid off after 11 days, resulting in a very high annualized return.
