OREM, UT—PCCP, LLC said today that it hasprovided a $56.5 million senior loan to financethe acquisition, development and stabilization ofMidtown360 to Salt Lake City-based developer,The Ritchie Group.

Located on 10.3 acres at 320 South State Streetin Orem, (40 miles south of Salt Lake City), Midtown360 (originallycalled Midtown Village) halted mid-construction in 2008. Theproject was partially completed with 40 residentialunits and some retail space. PCCP's loan will provide theproceeds for the acquisition of the entire project. Additionally,the financing will be used to help complete construction andstabilize Phase 1 of the development whichincludes 286 apartment units and approximately50,000 square feet of retail space in two,mid-rise towers with two levels of underground parking. Phase 1will also provide for the addition of substantial amenities toinclude multiple common areas comprised of a study lounge, businesscenter, rooftop deck (with 360 degree mountain and lake views) andclubhouse 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 thirdtower and an additional 308 residentialunits and is expected to commence construction inapproximately 24 months.

“Although Midtown360 suffered during the economic downturn, itremains a class A asset that has now been acquired by anexperienced developer at well below replacement cost within astrong market,” said Jim Galovan, managingdirector with PCCP, LLC. “We look forward to participating in thetransformation of this property from a stalled project into athriving community that will meet the needs of the local area.”