Square Mile Capital provides $61.8 million construction loan for 375 West Whitney Avenue in Salt Lake City
Square Mile Capital Management LLC (“Square Mile Capital”) announced today that it has issued a $61.8 million loan to finance the development of 375 West Whitney Avenue, a six-story, Class A multi-family comprising 264 units and located in Salt Lake City, Utah. The loan was provided to Roers Companies, a Minneapolis, MN-based, full-service real estate development company that has developed 50 properties totaling 5,400 units.
The financing was arranged by Gary Sefcik and Phillip Gause of Marcus and Millichap’s offices in New York and Denver, respectively.
Square Mile Capital Director Tom Burns said, “This transaction is the result of a
exciting opportunity to provide construction financing in the Salt Lake City market.
The market has seen strong rental growth coupled with positive net absorption
the apartment sector has benefited from Utah’s business-friendly policies.
delivered, we expect the property to be well received by the market due to its
proximity to major employers, extensive set of amenities and location. We are very
pleased to have made our first debt investment with Roers Companies and look forward to expanding the relationship.
375 West Whitney, upon delivery, will include 12 studios, 157 one-bedroom, 90 two-
bedroom and 5 three bedroom units. Units will have quartz countertops, stainless steel
steel appliances, LVT flooring and stunning views. Community amenities will include
rooftop lounge and club room with mountain views, golf simulator, band/game
room, fitness center, yoga studio, underground parking and outdoor swimming pool. The property
is located in the People’s Freeway submarket in Salt Lake City, UT, located
between downtown Salt Lake and South Salt Lake. The site benefits from practices
access to the rest of the Salt Lake Valley via the TRAX light rail network, and the proposed
is located approximately three blocks southwest of the Ballpark light rail station which serves
the red, green and blue line, connecting the project to downtown Salt Lake City,
Salt Lake International Airport and the University of Utah, which has more than 33,000
students and 11,000 employees.
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