Stratton Capital Group has closed a $22 million construction loan to finance the redevelopment of an outdated office property into a modern multifamily residential community in downtown Salt Lake City. The project will transform the former commercial structure into a 106-unit Class A apartment building, offering a vibrant and sustainable living option in one of the West’s most dynamic urban markets.

The redevelopment will feature a mix of studio, one-, and two-bedroom units designed with open-concept layouts, high-end finishes, and smart home technology. Residents will enjoy premium amenities, including a rooftop lounge with panoramic city and mountain views, a state-of-the-art fitness center, coworking areas, and secure parking. The project will also incorporate energy-efficient systems and adaptive reuse design, preserving portions of the building’s original architecture while delivering a fresh, contemporary aesthetic.

The loan, structured with flexible terms and an interest reserve, reflects Stratton Capital Group’s expertise in financing complex adaptive reuse and urban infill developments. The borrower, an experienced regional developer with a strong track record in mixed-use and multifamily projects, will reposition the property to meet the growing demand for high-quality housing in Salt Lake City’s revitalized downtown corridor.

“Salt Lake City continues to attract professionals and families seeking urban convenience paired with outdoor access and quality of life,” said Lantz George, CEO of Stratton Capital Group. “This project is a perfect example of how thoughtful redevelopment can breathe new life into underutilized assets while addressing the city’s housing needs.”