Matteson Ridge

Warwick, RI

Multifamily - Construction

Matteson Ridge

MULTIFAMILY - CONSTRUCTION

ACRES Capital 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.

$19 Million

Loan Amount

Construction Loan

Loan Product

“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.”

- Mark Fogel

ACRES Chief Executive Officer and President

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