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| Midtown360, 320 South State Street, Orem, UT |
San Francisco, CA – PCCP, LLC announced it has provided a
$56.5 million senior loan to finance the acquisition, development and
stabilization of Midtown360 to Salt Lake City-based developer, The
Ritchie Group.
Located on 10.3 acres at 320 South State Street in Orem, UT
– a city 40 miles south of Salt Lake City – Midtown360 (originally called
Midtown Village) halted mid-construction in 2008.
The project was partially completed with 40 residential
units and some retail space. PCCP’s loan will provide the proceeds for the
acquisition of the entire project.
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| Jim Galovan |
Additionally, the
financing will be used to help complete construction and stabilize Phase 1 of
the development which includes 286 apartment units and approximately 50,000
square feet of retail space in two, mid-rise towers with two levels of
underground parking.
Phase 1 will also provide for the addition of substantial
amenities to include multiple common areas comprised of a study lounge,
business center, rooftop deck (with 360 degree mountain and lake views) and
clubhouse as well as a fitness center, pool, and basketball court.
Construction for
Phase 1 is anticipated to complete in 18 months. Phase 2 will incorporate the
development of the third tower and an additional 308 residential units and is
expected to commence construction in approximately 24 months.
“Although Midtown360 suffered during the economic downturn,
it remains a Class A asset that has now been acquired by an experienced
developer at well below replacement cost within a strong market,” said Jim
Galovan, managing director with PCCP, LLC.
“We look forward to participating in the transformation of
this property from a stalled project into a thriving community that will meet
the needs of the local area.”
Galovan noted that Midtown360 is prominently positioned at
the center of a vibrant college-town market, with 70,000 college students in
Orem and Provo, Utah and a total population of approximately 500,000.
The
project is anticipated to attract a significant amount of college students,
young professionals, young couples, and retirees.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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