Salt Lake City — PCCP, LLC announced today that it has provided a $29 million construction loan to Rockworth Companies for the development of TwentyOnes, a 108-unit urban infill multifamily project with 20,500 square feet (sf) of ground-floor retail located at 2041 S and 2100 E in Salt Lake City, UT. The site is located in the Sugar House submarket, one of the oldest and most established neighborhoods in the metro area, and is less than 15 minutes southeast of downtown Salt Lake City. 

With construction anticipated to complete in the first quarter of 2023, TwentyOnes will encompass two buildings on a 2.5-acre site. One building will feature ground-floor retail with second-floor residential and both buildings will provide elevatored access to a subterranean garage. The property will provide residents with a boutique living experience and Class A amenities including a rooftop deck, patio/lounge areas, and a clubhouse. The unit mix of studios (21 percent), one-bedroom (56 percent) and two bedrooms (23 percent) will average 729 sf, and units will be built with high-quality finishes, such as wood plank-style flooring, quartz countertops, custom cabinetry, and walk-in closets, and smart home packages. Select units will have a private balcony or patio access.

“Rockworth Companies is a repeat borrower with PCCP and is an experienced developer in the Salt Lake metropolitan area,” says Alexandra Schultz, VP at PCCP. “We saw this as a compelling opportunity to provide a construction loan for a high-quality project in a region that has experienced exceptional job and population growth over the past decade.”

TwentyOnes is proximate to outdoor amenities, such as the 110-acre Sugar House Park, various trails, and numerous ski resorts just east in the Wasatch Mountain range. It is also located within walking distance to Downtown Sugar House and the Sugar House Shopping Center, both major retail and dining nodes in the area, and has easy access to the Fairmont Light Rail station, providing residents with convenient public transportation to downtown Salt Lake City.

About PCCP, LLC:  PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.  PCCP has $13.1 billion in assets under management on behalf of institutional investors.  With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 23-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements.  PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised, or invested over $26.0 billion of capital through a series of investment vehicles including private equity funds, separate accounts, and joint ventures.  PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.

About Rockworth Companies: Rockworth Companies is a full-service real estate investment company providing acquisition, development, property management, and asset management services for its own portfolio and third-party owners. Since its inception in 1999, Rockworth has acquired, developed, and managed mixed-use office, retail, and multifamily assets throughout the intermountain west. Rockworth is based in Holladay, UT and currently owns and manages multifamily assets in the western states of Utah, Nevada, Montana, Wyoming, and South Dakota.