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IndustrialLoansMidwestOhio

Cronheim Arranges $5M in Financing for Chocolate Manufacturing Facility in North Canton, Ohio

by Kristin Harlow

NORTH CANTON, OHIO — Cronheim Mortgage has arranged $5 million in leasehold financing for a single-tenant industrial facility in North Canton. The 220,000-square-foot property is fully occupied by Harry London Candies Inc., a subsidiary of Italian confectionary giant Ferrero. The facility was constructed in 1995 specifically for the manufacturing of chocolate and features a Fannie May & Harry London Chocolates factory store. Harry London was acquired by Ferrero in 2017, but Fannie May operates as a standalone entity and brand within the Ferrero Group. Allison Villamagna, Dev Morris and Andrew Stewart of Cronheim placed the financing with one of Cronheim’s long-standing correspondent lenders. Cronheim will service the loan, which is fully amortized over six years. The borrower was an affiliate of New York-based Sachs Cos.

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhio

KeyBank Provides $23M in Construction Financing for Affordable Housing Property in Trotwood, Ohio

by Kristin Harlow

TROTWOOD, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit financing for the construction of Jalen Lofts in Trotwood, a suburb of Dayton. The 66-unit workforce and affordable housing community will be designated for families who earn between 30 and 80 percent of the area median income. The project marks a co-developer, co-owner partnership between Pivotal Housing Partners and The Trotwood Community Improvement Corp. Jalen Lofts marks a significant milestone in the community’s efforts to rejuvenate areas adversely impacted by the 2019 Dayton tornadoes, according to KeyBank. The City of Trotwood received a most impacted and distressed (MID) area designation by HUD because of the tornado damage and was allocated $10.5 million in Community Development Block Grant Disaster Recovery funds to help rebuild rental developments. Derek Reed and David Lacki of KeyBank CDLI structured the financing.

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhio

KeyBank Provides $36.4M in Financing for Construction of Affordable Housing Project in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $15.5 million construction loan, a $3.2 million permanent loan and $17.7 million in low-income housing tax credits to finance the construction of The Grand and The Glen, a scattered two-site affordable housing project in Toledo. The development will bring 70 units to a vacant city-owned parcel and underutilized parking lot. The project will be designated for families who earn between 50 and 70 percent of the area median income. The Glen will comprise a four-story building with 50 units at the Southland Shopping Plaza. The Grand will feature 20 townhomes at the corner of Detroit and Grand avenues. The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Derek Reed and David Lacki of KeyBank CDLI structured the financing on behalf of the borrower, Pivotal Housing Partners.

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AcquisitionsLoansMidwestMultifamilyOhio

Berkadia Arranges $49.1M Acquisition Loan for Multifamily Property in Strongsville, Ohio

by Kristin Harlow

STRONGSVILLE, OHIO — Berkadia has arranged a $49.1 million acquisition loan for Chestnut Lake in Strongsville, a southern suburb of Cleveland. The 788-unit multifamily property is located at 17721 Whitney Road and offers amenities such as an outdoor pool, playground, fitness center, hair salon and grilling and picnic areas. Robert Lipson of Berkadia arranged the Fannie Mae loan on behalf of the buyer, New Jersey-based Brookhaven Property Group. The 10-year loan featured a 5.71 percent interest rate and a 30-year amortization schedule.

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DevelopmentIndustrialMidwestOhioTop Stories

Anduril to Build $1B Weapons Manufacturing Facility in Columbus, Ohio

by John Nelson

COLUMBUS, OHIO — Anduril, a defense and aerospace contractor, has selected a site in Columbus for Arsenal-1, the company’s first hyperscale weapons manufacturing facility. The Southern California-based firm plans to invest approximately $1 billion of its own capital into the development. Anduril expects the new Arsenal plant to create more than 4,000 direct jobs in Pickaway County and the surrounding areas, as well as 8,500 indirect jobs from suppliers, construction and other sectors. The company says the project represents the largest single job-creation development in the history of Ohio. At full scale, the facility will span 5 million square feet and produce tens of thousands of military systems annually, according to Anduril. The firm will produce most of its suite of autonomous weapons, sensors and systems at the facility. “Today is a proud day for Ohio as we welcome Anduril and celebrate the creation of thousands of new jobs in cutting-edge defense manufacturing,” said Ohio Lt. Governor Jon Husted. “This investment reinforces Ohio’s position as a leader in advanced technology and national security.” The site is located near Rickenbacker Airport and features two 12,000-foot runways and a 75-acre private apron that will accommodate military-scale aircraft for delivery purposes. The site …

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DevelopmentLoansMidwestMixed-UseMultifamilyOhio

BGL Real Estate Advisors Arranges Development Financing for Two Multifamily Projects Near Cleveland

by Kristin Harlow

BRECKSVILLE AND VERMILION, OHIO — Browns Gibbons Lang & Co. (BGL) Real Estate Advisors has arranged development financing for Valor Acres in Brecksville, a southern suburb of Cleveland, and The Bluffs at WaterWood Resort in Vermilion, about 42 miles west of Cleveland. The borrower was DiGeronimo Cos. Fifth Third Bank & First Commonwealth Bank provided the financing for Valor Acres, a mixed-use development incorporating 44,000 square feet of Class A office space, 221 luxury apartment units, 70,000 square feet of retail and entertainment space, an onsite safety station and 700-space parking garage. The project is being developed on the former site of the U.S. Department of Veterans Affairs Brecksville hospital. Valor Acres is also home to the new Sherwin-Williams Research and Development Center and the DiGeronimo corporate headquarters. DiGeronimo closed on Phase I of the project, which included a multifamily building as well as for-rent townhomes, in December 2021. The developer closed on the for-sale townhomes, attached loft homes, memorial park and clubhouse in June 2023. BGL also served as the financial advisor for those transactions. In addition to senior construction debt from Fifth Third Bank, the project received transformational mixed-use development tax credits, Cleveland-Cuyahoga County Port Authority incentives and …

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AcquisitionsIndustrialMidwestOhio

MAG Capital Partners Acquires 158,484 SF Food Processing Facility in Metro Cleveland

by Kristin Harlow

WILLOUGHBY HILLS, OHIO — MAG Capital Partners has acquired a 158,484-square-foot specialty food processing facility in Willoughby Hills in a sale-leaseback transaction with Produce Packaging Inc. (PPI). The property, located at 27853 Chardon Road in suburban Cleveland, has served as PPI’s headquarters since 2019. PPI’s $15 million investment in building infrastructure and systems supports multi-temperature/multi-humidity zones. Originally developed as a Sam’s Club, the asset features a clear height of 27 feet, 12 dock doors and four drive-in doors. Phil DiGennaro and Joe DiGennaro of STREAM Capital Partners represented PPI in the transaction.

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DevelopmentHospitalityMidwestMultifamilyOhio

Kassouf Development to Build Dual-Branded W Residences, W Hotels Project in Downtown Cleveland

by Kristin Harlow

CLEVELAND — Kassouf Development has closed on financing for the Erieview Tower & Galleria redevelopment in downtown Clevleand. The developer will convert the property into a dual-branded W Residences and W Hotels by Marriott project. Plans call for 227 residences and 210 luxury hotel rooms. Residents will have access to concierge services, housekeeping, a doorman, bellman and butler services in addition to all hospitality and experiential amenities as well as access to the connected retail Galleria. The hotel component will feature a rooftop bar, fine dining restaurant, spa, fitness center, lobby lounge, office spaces and a 15,000-square-foot ballroom. The project marks the first W Hotels offering in Ohio. The development’s price tag is more than $218 million. The dual-branded W Residences and W Hotels concept is offered by Marriott worldwide, and there are eight locations in the United States. The existing Erieview Tower & Galleria is listed on the National Register of Historic Places. Construction will be completed in phases, with residential construction commencing immediately and hotel construction beginning later this year. Completion is slated for late 2026. The Kassouf family purchased Erieview Tower in 2018 and has worked since the acquisition to secure the various capital sources needed to …

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AcquisitionsMidwestOhioRetail

IPA Brokers $76.3M Sale of Two-Property Retail Portfolio in Metro Columbus

by Kristin Harlow

DUBLIN AND REYNOLDSBURG, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $76.3 million sale of a 622,000-square-foot retail portfolio in metro Columbus. The Walmart-anchored shopping centers include the 395,074-square-foot Taylor Square in Reynoldsburg and the 226,718-square-foot Tuttle Crossing in Dublin. Built between 2000 and 2003, Taylor Square was 99 percent occupied at the time of sale. The tenant roster includes JoAnn, Marshalls, Dollar Tree, Famous Footwear, Bath & Body Works and Smokey Bones. Tuttle Crossing is home to tenants such as Best Buy, Morris Home Furniture, Ross Dress for Less, Golf Galaxy and Cost Plus. Erin Patton, Scott Wiles and Craig Fuller of IPA represented the seller, a partnership between New York-based Island Capital and Casto, a local firm. The buyer was a partnership between DLC Management and Principal Asset Management.

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DevelopmentIndustrialMidwestOhio

Impact Beverage Expands Production Facility, Doubles Workforce in Cincinnati

by Kristin Harlow

CINCINNATI — Impact Beverage has unveiled plans to add 10,000 square feet to its production facility in Cincinnati. The expansion includes substantial investment in new machinery and equipment, creating 65 new jobs and adding $4.6 million in annual payroll to its existing workforce of 60 employees. Impact Beverage handles each step of the beverage manufacturing process in its facilities, creating a variety of ready-to-drink cocktails and nonalcoholic beverages with carbonated or still packaging options. The capital investment will support the installation of a new pasteurization line, enhancements to canning capabilities, increased automation and further development of innovative packaging solutions. The City of Cincinnati is working closely with Impact Beverage on a local incentive package. In addition, the State of Ohio approved a Job Creation Tax Credit. JobsOhio plans to offer assistance, which will be made public after a final agreement is executed.

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