Rockworth Secures $29M Construction Loan
The Salt Lake City project will include two buildings and feature a ground-floor retail component.
Rockworth Cos. has received $29 million in construction financing from PCCP to develop a 108-unit multifamily project in Salt Lake City. Known as TwentyOnes, the project is slated for completion in the first quarter of 2023.
Situated at 2041 S. 2100 E., on a 2.5-acre site, the development will include two buildings with an elevator-served subterranean garage. One of the structures will feature 20,500 square feet of ground-floor retail space.
TwentyOnes will have a mix of studios and two-bedroom units averaging 729 square feet. High-end finishes will include plank-style flooring, quartz countertops, custom cabinetry, walk-in closets and smart home packages. Select units will have access to private balconies or patios and amenities will encompass a rooftop deck, lounge areas and a clubhouse.
Located in the Sugar House submarket, one of the oldest neighborhoods in the metro, the site is less than 15 minutes southeast of downtown Salt Lake City, right next to Interstate 80 and the Fairmont Light Rail station. Nearby recreational options include the Sugar House Park, The Country Club, Forest Dale Golf Course and Parleys Historic Nature Park. The Sugar House Shopping Center is roughly 1.5 miles from the location.
Earlier this month, PCCP provided financing to Sares Regis Group for the acquisition of a 299-unit multifamily property in San Diego. Part of the $76 million loan will go toward renovations.