OREM, UTAH – Midtown360, a 594-unit multifamily development in Orem, has received a $56.5-million senior loan. The loan will finance the acquisition, development and stabilization of the project.
The community will be located at 320 South State Street, just 40 miles south of Salt Lake City. It is situated in a very student-dense area, with about 70,000 college students residing in Orem and Provo.
Phase I of Midtown360 will include 286 units in two mid-rise towers, in addition to 50,000 square feet of retail space. Common amenities will include a study lounge, business center, rooftop deck, clubhouse, fitness center, pool and basketball court. Phase I construction should be completed in 18 months.
Phase II will include 308 units in a third tower. Construction on this phase is expected to commence in about two years.
Construction on this project initially commenced before the recession. At the time, it was called Midtown Village. The developer partially completed 40 of the units before construction was halted in 2008.
The new loan was provided to The Ritchie Group by PCCP LLC.