ACRES Capital Provides $33M Construction Loan for Pittsburgh Multifamily Project

The new multifamily building at 5803 Centre Ave. in Pittsburgh will total 161 units. Completion is scheduled for the third quarter of 2022.

PITTSBURGH — ACRES Capital Corp. has provided a $33 million loan for the construction and stabilization of a 161-unit multifamily project located at 5803 Centre Ave. in the Shadyside neighborhood of Pittsburgh. The property will house 6,000 square feet of retail space and offer amenities such as a fitness center with a yoga studio, coworking office space with indoor and outdoor workstations and a self-checkout convenience mart. The borrower, Colorado-based Charles Street Investment Partners, expects to complete the project in the third quarter of 2022.

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