OREM, UT—PCCP, LLC said today that it has provided a $56.5 million senior loan to finance the acquisition, development and stabilization of Midtown360 to Salt Lake City-based developer, The Ritchie Group.

Located on 10.3 acres at 320 South State Street in Orem, (40 miles south of Salt Lake City), Midtown360 (originally called Midtown Village) halted mid-construction in 2008. The project was partially completed with 40 residential units and some retail space. PCCP's loan will provide the proceeds for the acquisition of the entire project. Additionally, the financing will be used to help complete construction and stabilize Phase 1 of the development which includes 286 apartment units and approximately 50,000 square feet of retail space in two, mid-rise towers with two levels of underground parking. Phase 1 will also provide for the addition of substantial amenities to include multiple common areas comprised of a study lounge, business center, rooftop deck (with 360 degree mountain and lake views) and clubhouse as well as a fitness center, pool, and basketball court. Construction for Phase 1 is anticipated to complete in 18 months. Phase 2 will incorporate the development of the third tower and an additional 308 residential units and is expected to commence construction in approximately 24 months.

“Although Midtown360 suffered during the economic downturn, it remains a class A asset that has now been acquired by an experienced developer at well below replacement cost within a strong market,” said Jim Galovan, managing director with PCCP, LLC. “We look forward to participating in the transformation of this property from a stalled project into a thriving community that will meet the needs of the local area.”

Galovan added that Midtown360 is prominently positioned at the center of a vibrant college-town market, with 70,000 college students in Orem and Provo, and a total population of approximately 500,000. The project is anticipated to attract a significant amount of college students, young professionals, young couples, and retirees.

PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments.  PCCP has approximately $6 billion in assets under management on behalf of institutional investors.