JLL arranges financing for $44 million multi-housing development in American Fork, Utah

Mike White

SALT LAKE CITY, UT – JLL announced 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 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. 

Downtown American Fork, UT

“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.”

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.

The Meadows, a 2.1-million-square-foot retail and entertainment center in American Fork, UT

 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. 

Silicon Slopes, a large concentration of corporate tech firms and one-third of a mile from the American Fork Front Runner Light Rail Station

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.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact:

 Kimberly Steele, JLL Digital Content/PR Specialist 

Phone: +1 713 852 3420

Email: Kimberly.Steele@am.jll.com

 rockworthco.com 

jll.com