ACRES Provides $30.5 Million for Multifamily Property in Lansing, MI
SEPTEMBER 16, 2025Loan to fund the acquisition of a student-housing oriented multifamily property.
LANSING, MI (September 16, 2025) – ACRES Capital Corp. (together with its affiliates, “ACRES”) announced today that it has funded a $30.5 million first mortgage to finance the acquisition of Gateway Lofts, a student-oriented multifamily community with ground-floor retail in Lansing, Michigan (the “Property”). The loan was secured for Vesper Holdings (the “Sponsor”). Vesper owns and manages a portfolio of over 30,000 beds across 45 markets in 21 states, with more than $3 billion in assets under management. Built in 2021, Gateway Lofts comprises 181 units across a five-story residential building totaling 130,527 net residential square feet, plus 9,334 square feet of ground-floor retail. The unit mix includes studios, one-bedrooms, and two-bedrooms, with in-unit washers/dryers and premium finishes. Community amenities include a fitness center, clubhouse, game room, coffee bar, bike storage on each floor, a conference room, and 204 surface parking spaces. The Property is 0.7 miles from Michigan State University and near a CATA public shuttle stop, allowing students to commute easily through the large MSU campus.
“Gateway Lofts is a high-quality, near-campus asset in a market with strong student housing fundamentals,” said ACRES Chief Executive Officer and President Mark Fogel. “Our financing will support Vesper’s plan to align leasing with the academic calendar, complete targeted improvements, and further stabilize the asset.”
