A Park City private credit firm now owns the unfinished 120-unit Ascent condo development at Canyons Village after buying it at a trustee sale for $24 million in assumed debt on Wednesday, July 22.

OKOA Capital, co-founded by Jason Meyer and Ty Corbridge, credited $24 million of its outstanding loan balance toward the purchase rather than paying cash, according to KPCW's reporting on Summit County records. Whether any competing bids were submitted remains unclear.

The acquisition settles the ownership question for the Frostwood Village property, which broke ground in 2021 and has sat unfinished for years while its Texas-based developer, Wolfgramm Capital, accumulated contractor debts and delinquent property taxes.

Summit County records show Wolfgramm defaulted on a $30 million construction loan in October 2025. OKOA, which lists The Ascent's construction loan on its own website, was the original lender on the project.

"The next steps are to begin analyzing the cost to complete and the several options that may enable people to recover the money that has been lost," Meyer wrote in an email to KPCW, published Thursday, July 24.

The sale was contested. Seven buyers who put down deposits on Ascent condos filed a lawsuit on Tuesday, July 15, naming both OKOA and Wolfgramm subsidiaries as defendants and seeking to block the auction. The plaintiffs allege Wolfgramm "began having issues" with the project as early as 2021 and want the court to recognize their financial interest in the property despite never having closed on their units.

Third District Judge Patricia Kuendig allowed the sale to proceed. The lawsuit remains pending as of July 24, and neither OKOA nor Wolfgramm's subsidiaries have responded in court.

Wolfgramm's legal troubles extend beyond the deposit holders. Contractors have filed multiple lawsuits with claims totaling up to $14 million, according to The Salt Lake Tribune. Summit County's 2025 delinquent tax notice shows Wolfgramm subsidiaries owed nearly $200,000 in unpaid property taxes on units at both The Ascent and the Waldorf Astoria hotel directly across the street.

Wolfgramm purchased the Waldorf Astoria in 2022 for an undisclosed sum, promising at the time to invest $60 million in improvements. The hotel remains open but is expected to lose its Hilton luxury branding after April 2027, according to real estate agent Wayne Levinson, who sells properties there and spoke to media in February.

OKOA Capital's website says the firm has deployed more than $500 million over three years. Meyer did not provide a timeline for completing The Ascent or for resolving the pending litigation.