Taylor Derrick Capital closes loan for downtown condo project
Salt Lake City— Taylor Derrick Capital along with CW Urban announce the closing of a construction loan and groundbreaking of theOlive, a mixed-use multifamily project located at 378 West 300 South in downtown Salt Lake City.
Taylor Derrick Capital (TDC), a Utah based real estate capital lender, has provided over $1.2 billion in loans throughout the Western United States since 2011. The loan totaling $28.5 million is part of the long-standing lending relationship between TDC and CW Urban to develop innovative Urban and Infill communities and Master Planned Communities along the Wasatch Front.
“We are very bullish on the Utah economy and the local residential real estate market. Utah has the lowest unemployment rate in the country, and you couple that with strong residential housing demand and very limited supply, it bodes well for this project,” said Rocky Derrick, cofounder and Managing Partner of Taylor Derrick Capital. “We have enjoyed a successful lending relationship for almost ten years with Colin Wright and his related companies. We have great confidence in CW Urban’s ability to find, design and build quality projects.”
theOLIVE is a six-story building located just north of Pioneer Park that will offer 120 for-sale condos ranging from studios, one and two-bedroom flats and penthouse suites. theOLIVE will feature two premier amenities: a rooftop Urban lounge and podium level garden area designed by local award-winning landscape architects, LoftSixFour.
theOLIVE is located one block south of the Gateway Mall, two blocks south of Vivint Smart Home Arena and is convenient to numerous restaurants, entertainment venues and Salt Lake City landmarks.
“theOLIVE will fill an underserved niche in the downtown market. Urban dwellers who want to live, work and play in Salt Lake City will be able to own a piece of it too,” said Darlene Carter, Division President of CW Urban. “In the last ten years there have been minimal opportunities for downtown residents to purchase new construction housing. Homeownership is a core value of CW Urban and we are passionate about providing unique dwellings to fulfill that need,” Carter added.
Taylor Derrick Capital and CW Urban have also partnered with the Salt Lake City RDA on this project, knowing their core values are aligned in bringing new homeownership opportunities to downtown Salt Lake City residents. Other partners include Method Studio Architects, Steed Construction and McKinley Partners.
Taylor Derrick Capital (TDC) is a private real estate lender based out of Salt Lake City, UT that operates between banks and hard money lenders. TDC specializes in construction and bridge financing for residential and commercial real estate projects throughout the Western US. TDC has cultivated a reputation as a relationship lender that funds on time and provides creative and flexible loan structures that help borrowers succeed.
CW Urban is leading the way in creating unique urban and infill real estate for Utah dwellers. Thoughtful land planning, progressive architectural and design standards, and crafting superior residences are core values of the company. C.W. Urban has a development pipeline of $300 million and is currently under construction on over 600 townhomes and podium style condo and apartment units in the trendiest residential neighborhoods in the urban core and suburban Utah. Visit: builtbycw.com