Utah Development Receives $36M in Financing
JLL arranged the construction loan for a 214-unit community in American Fork, Utah.
Rockworth Cos. has received $35.9 million in financing for the development of The MillPond Apartments, a $44 million, 214-unit Class A community in American Fork, Utah, according to public records. JLL arranged the three-year, limited recourse construction loan on behalf of the borrower. Acore Capital was the originator of the loan, public records show.
At 80 N. 1020 West, the community will be situated adjacent to the entrance of Interstate 15, approximately 30 miles from downtown Salt Lake City and within 15 miles of downtown Provo. Additionally, the transit-oriented development is located near the American Fork Front Runner Light Rail Station. It’s also across from The Meadows, a more than 2 million-square-foot retail center, which provides dining, shopping and entertainment options.
Once completed, The MillPond Apartments will encompass 11 three-story buildings with wood-frame construction featuring a mix of one-, two- and three-bedroom floorplans, averaging 906 square feet. The apartments will feature washers and dryers, nine-foot ceilings, wood-style flooring and patios or balconies. Property amenities will include a clubhouse with a fitness center, business center, changing rooms, a swimming pool with a sun deck, whirlpool spa and fire pit, to name a few.
Managing Director Mike White led JLL’s Capital Markets Team in the financing transaction. In August, JLL also arranged financing for the construction of a 220-unit project in New Jersey.