Rockworth Cos. has secured a $44 million loan to build The MillPond Apartments in Salt Lake City. The high-stack construction financing of 80% loan-to-cost. The borrower secured a three-year, limited-recourse construction loan with one of the largest debt funds in the country. It was the fund's first-ever financing in Utah and was closed within 65 days.

The MillPond Apartments will feature a total of 214 units with 11 three-story buildings with wood-frame construction that house a mix of one-, two- and three bedrooms units averaging 906 square feet. Units will feature a patio or balcony, in-unit washer and dryer, nine-foot ceilings, oversized tub, high-quality cabinetry and luxury wood-style flooring.

Managing director Mike White led the JLL Capital Markets team representing the borrower.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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