University of Utah Research Park Office Financing

This was Highland Commercial’s second time brokering financing for this building within the University of Utah Research Park. The Research Park is a multi-building office park dedicated to being a step stone for new companies--particularly innovative medical research startups. More information can be found at https://realestate.utah.edu/research-park/

Our client owns and manages several buildings within Research Park. Their partnership with the University of Utah has been invaluable over the years. This particular building we recently financed is 100% leased to three tenants. The largest is Blackrock Microsystems. Their main focus is to develop a direct brain interface with applications for people with disabilities. Please visit their website at https://blackrockneurotech.com/research/

During the closing process, we faced several obstacles. We overcame each of them and ended up successfully closing the loan with a life insurance company with whom we've developed a long-standing relationship. The property’s underlying loan maturity was rapidly approaching in a rising interest rate environment. We needed to help our client obtain estoppels from all the parties to the underlying DEC. The lender also required us to obtain a document from the ground lessor that recognized the lender's position in relation to the property. Doing so required us to call on old relationships, and even call in a couple of favors. We were ultimately able to overcome each hurdle, and our client is happy with their new permanent loan at the property.