Square Mile Capital Management LLC (“Square Mile Capital”) today announced that it has originated a $61.8 million loan to finance the ground-up development of 375 West Whitney Avenue, a six-story, Class A, multifamily project comprising 264 units and located in Salt Lake City, UT. The loan was made to the Roers Companies, a full-service real estate development firm, based in Minneapolis, MN, that has developed 50 properties totaling 5,400 units .
The financing was arranged by Gary Sefcik and Phillip Gause from Marcus and Millichap’s New York and Denver offices, respectively.
Square Mile Capital Principal Tom Burns commented, “This transaction resulted from a
compelling opportunity to provide construction financing in the Salt Lake City market.
The market has experienced strong rent growth coupled with positive net absorption as
the apartment sector has benefited from Utah’s business friendly policies.. Once
delivered, we anticipate that the property will be well received by the market due to its
proximity to major employers, expansive amenity package, and location. We are very
pleased to have completed our first debt investment with Roers Companies and hope to expand the relationship.”
375 West Whitney, upon delivery, will include 12 studios, 157 one bedroom, 90 two-
bedroom, and 5 three-bedroom units. The units will have quartz countertops, stainless
steel appliances, LVT flooring, and expansive views. Community amenities will include
a rooftop sky lounge and club room with mountain views, golf simulator, group/game
room, fitness center, yoga studio, underground parking and outdoor pool. The property
is located within the People’s Freeway submarket of Salt Lake City, UT, situated
between Downtown Salt Lake and South Salt Lake. The site benefits from convenient
access to the rest of the Salt Lake Valley via the TRAX light rail network, and the project
is located about three blocks southwest of the Ballpark light rail station which services
the Red, Green, and Blue Line, connecting the project with Downtown Salt Lake City,
the Salt Lake International Airport, and the University of Utah, which has over 33,000
students and 11,000 employees.