JLL arranges financing for $44M multi-housing development
The Class A project will be in a high-growth Greater Salt Lake City market
SALT LAKE CITY, September 17, 2019 – JLL announced today that it has arranged high-stack (80%+ LTC) construction financing for the development of The MillPond Apartments, a 214-unit, Class-A, $44 million multi-housing property in the Salt Lake community of American Fork, Utah.
JLL worked on behalf of the borrower, Rockworth Companies, to place the 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 comprise 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. Community amenities will include a clubhouse with a fitness center, business center, changing rooms, outdoor heated swimming pool with a sun deck, Whirlpool spa, fire pit, barbecue and picnic area, dog park and a bike repair facility.
Located at 80 North 1020 West, the site is adjacent to the entrance to Interstate 15, which is the main arterial between Salt Lake City and Provo. It’s also across from The Meadows, a 2.1-million-square-foot retail and entertainment center anchored by some of the largest national retailers in the country. The TOD property is six miles from Silicon Slopes, a large concentration of corporate tech firms and one-third of a mile from the American Fork Front Runner Light Rail Station. American Fork is a high-growth market in the Greater Salt Lake Area about half-way between Salt Lake City and Provo.
The JLL Capital Markets team representing the borrower was led by Managing Director Mike White.
“This project was so well-conceived, located and sponsored, that the capital-provider broke a $50-million funding minimum for their first construction loan in Salt Lake City,” White said. “JLL’s comprehensive supply-demand research confirmed North Utah County’s multi-housing market as one of the top investment opportunities in the country. Once they visited SLC, the fund 100% agreed with that conclusion.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Rockworth Companies
Rockworth Companies is a full-service real estate investment company providing acquisition, development, property management and asset management services for its own portfolio and third-party owners. Since inception in 1999, Rockworth has acquired, developed and managed mixed-use, office, retail, and multifamily assets throughout the Intermountain West. Visit rockworthco.com for more information.