CINCINNATI — Asia Capital Realty Estate (ACRE) has provided $68.5 million of floating-rate debt to refinance City Club Apartments. The loan, which was underwritten with a loan-to-value ratio of 63.4 percent, has a two-year term and two single-year extension options.
Located at 309 Vine St. in Cincinnati, City Club Apartments is a mixed-use property featuring 294 apartments and penthouses, 31,928 square feet of office space and 17,498 square feet of retail space. The sponsor acquired the property in 2016 as a vacant office building and recently repositioned the asset into a Class A mixed-use apartment community.
At the time the financing closed, 90 percent of the multifamily units were leased, 100 percent of the retail space was leased and 67 percent of the office space was occupied.
Chicago-based Draper and Kramer brokered the transaction.