ACRES Funds $32 Million for Multifamily Property in Salt Lake City, UT
JANUARY 23, 2025
Loan to fund a 108-unit, multifamily property.
SALT LAKE CITY, UT (DECEMBER 15, 2024) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading nationwide middle-market lender specializing in commercial real estate, has funded a $32 million loan for the refinancing of Twenty Ones Apartments, a recently constructed 2 story, 108-unit multifamily property in Salt Lake City, Utah. The sponsorship, Rockworth Companies has established a strong presence throughout the Intermountain West, developing and owning properties across the region. Rockworth Companies is known for its entrepreneurial investment strategy and expertise in executing mixed-use, apartment, office, and retail projects along the Wasatch Front.
Mark Fogel, Chief Executive Officer and President of ACRES, stated, “ACRES is excited to team up with Rockworth on our first loan in the Salt Lake City region. Our investment thesis is simple; we seek top sponsors, in growing markets, who own and develop Class A properties. This one checks all the boxes”.
The Twenty Ones Apartments, which were completed in 2024, feature 22 studios, 62 one bedroom/one bathroom units and 24 two bedroom/two bathroom units. The property is located in Sugar House, one of Salt Lake City’s most vibrant and desirable neighborhoods with a thriving entertainment district and mix of restaurants, breweries and shopping areas.
