ACRES Provides $19 Million for Multifamily Property in Warwick, RI
AUGUST 07, 2025Loan to fund the construction of a 55+ Multifamily Development with 53 Multifamily Units.
Warwick, RI (August 7th, 2025) – ACRES Capital Corp. (together with its affiliates, “ACRES”) announced that it has funded a $19 million loan to fund the construction and refinancing of Matteson Ridge, a 55+ multifamily community based in Warwick, Rhode Island. The property currently consists of 29 townhouse units, which are 100% leased. An additional 53 garden-style apartment units will be constructed on the site using proceeds from the ACRES loan. Once complete, the property will rank at the upper end of the submarket in terms of quality with exterior, interior, and amenity finishes that put it at the top of the competitive market for age-restricted garden/low-rise multifamily. The property is well located in West Warwick, Rhode Island, in the eastern portion of Kent County, approximately 17 miles southwest of Providence and 53 miles southeast of Worcester, Massachusetts.
“At ACRES, we seek experienced, local sponsors delivering new projects into supply-constrained submarkets with strong demographic tailwinds. Matteson Ridge exemplifies that mandate and we are confident that this transaction will deliver high-quality, age-restricted housing that enhances the fabric of West Warwick” said ACRES Chief Executive Officer and President, Mark Fogel.
