Utah Build Lands High Leverage Construction Financing

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.