SALT LAKE CITY — Square Mile Capital Management has originated a $61.8 million loan to finance the ground-up development of 375 West Whitney Avenue, a 264-unit apartment community in Salt Lake City. The borrower is Minneapolis-based Roers Cos., a full-service real estate development firm that has developed 50 properties totaling 5,400 units.
Gary Sefcik and Phillip Gause of Marcus & Millichap arranged the financing.
Upon delivery, the six-story 375 West Whitney will feature 12 studios, 157 one-bedroom units, 90 two-bedroom units and five three-bedroom units. All units will feature quartz countertops, stainless steel appliances, luxury vinyl tile flooring and expansive views. Community amenities will include a rooftop sky lounge and club room with mountain views, a golf simulator, group/game room, fitness center, yoga studio, an outdoor pool and underground parking.