From $97.3M Default to Rebrand: ACORE Capital Repositions Salt Lake City's Industry SLC as Foundry43
San Francisco lender ACORE Capital completed foreclosure on a defaulted $97.3 million loan against Industry SLC, a 230,000-square-foot adaptive-reuse office campus in Salt Lake City's Granary District, taking title by special warranty deed on March 9, 2026. ACORE has since partnered with Lincoln Property Company to reposition and expand the campus under a new name, Foundry43, with JLL leading leasing.
Why it matters
The case is a concluded, fully documented example of how a marquee adaptive-reuse project's construction-loan default actually resolves, from a specialized commercial court's complaint through a negotiated deed transfer to a lender-funded repositioning. It shows sophisticated CRE lenders increasingly choosing to take title and reinvest rather than force a contested auction sale when the underlying asset still has redevelopment upside.
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