Real Salt Lake secures new investor

Real Salt Lake said Thursday that New York-based iStar Financial will be an investor in the Major League Soccer team and Sandy stadium.

The firm is stepping in to replace of Goldman Sachs, which pulled out as an investor last week after stadium negotiations carried out over a long time.

The terms of the deal with iStar are the same as those of the proposed deal with Goldman Sachs, said team spokesman Eric Gelfand. iStar will own a 50 percent share of the team with Real owner Dave Checkett's company Sports Capital Partners.

The firm will invest $24 million in the stadium project, as well as $24 million in other Real business ventures. iStar also will secure a $33 million construction loan for the stadium.

"We think they're going to be a perfect fit for this project," Gelfand said. "We're excited to have them on board and be a part of us. They're a well respected New York-based investment company."

iStar Financial will help finance the first phase of the stadium project, which includes the 42-acre stadium.

Phase two would be a 136-acre mega-development with retail, office space and a hotel and broadcast studio. Goldman Sachs is still interested in investing in that second phase.

---

E-mail: astowell@desnews.com