ACRES Capital Originates $38M Loan for Development of Multifamily Project in Cincinnati
CINCINNATI — ACRES Capital Corp. has originated a $38 million loan for the development of 1118 Sycamore Street, a 155-unit multifamily project in Cincinnati’s Over-the-Rhine district. The project will rise seven stories and feature a two-level parking structure, 8,875 square feet of retail space, 3,611 square feet of office space and four townhomes. The third floor will feature an outdoor courtyard with a pool, fire pit, barbecue and seating area. ACRES provided the 30-month loan on behalf of Charles Street Investment Partners. Architectural firm NBBJ led the design and will oversee production designs completed by Architecture Alliance. The Over-the-Rhine submarket recently underwent a massive revitalization plan funded primarily by local corporations, including more than $500 million of investments.