DENVER and WASHINGTON D.C. – March 9, 2020 – Berkadia today announced the financing secured for North Union Apartments, a garden-style multifamily property in Midvale, Utah. Director Jonathan Pratt of Berkadia’s D.C. Metro office and Senior Managing Director Christopher Ellis of Berkadia’s Denver office secured $39.45 million in construction financing for the property on behalf of the borrower, Utah-based Rockworth Companies. The deal closed on March 2.
The three-year conventional construction loan was provided by Pacific Coast Capital Partners, LLC.
“Rockworth is a best in class sponsor and managed through a very complicated closing,” said Pratt. “This firm sees opportunities in changing markets and acts quickly to capitalize on those opportunities.”
Located at 942 E North Union Ave., North Union Apartments features two-bedroom floor plans with gas fireplaces and large open kitchens. Residents are afforded convenient access to Interstate 215, Mountainview Park and the shops and restaurants along Fort Union Boulevard.