CLEVELAND — BGL Real Estate Advisors LLC has arranged an $81 million construction loan for Weston Inc. The company plans to convert the Standard Building, which was originally built for Standard Bank in the 1920s, into a mixed-use building. The building is currently used as Class B office space and will be transformed into luxury apartments with ground-floor retail. Financing consisted of senior construction debt, subordinated bridge debt, municipal city and state agency debt, Federal and State Historic Tax Credit Equity, and Weston equity. Companies involved in the financing include The Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank, and Cleveland Development Advisors, as well as multiple city and state agencies including the Ohio Water Development Authority and Ohio Development Services Agency.
FINNEYTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $3.2 million sale of Winton & Galbraith, a 26,488-square-foot retail center in Finneytown, approximately 15 miles north of Cincinnati. Dollar Tree anchors the center, which is 100 percent occupied by other tenants including Graeter’s Ice Cream, LaRosa’s Pizza, Subway and J. Gumbo’s. An Ohio-based private investment group sold the property to a California buyer. Dan Cooper of Cooper Commercial represented the seller in the transaction.
CLEVELAND — The Cooper Commercial Investment Group has brokered the sale of a 13,095-square-foot, multi-tenant medical office building near Cleveland. An Ohio-based private investor sold the building to an undisclosed Ohio-based buyer for $2.4 million. Bob Havasi and Dan Cooper of the Cooper Commercial Investment Group represented the seller in the transaction.
SANDUSKY, OHIO — Cedar Point, an amusement park in Sandusky on the shores of Lake Erie, is set to renovate its water park and hotels. Currently known as Soak City, the water park will be expanded to cover 18 acres and will be renamed Cedar Point Shores Water Park. New additions to the park include Point Plummet, a 400-foot, six-story body slide; Starboard Surge and Portside Plunge, two five-story tube slides; and Lakeslide Landing, a family splash ground with 12 kid-sized water slides and a zero-depth entry pool. The majority of the existing attractions will also be renovated and renamed. Upgrades and renovations to the water park are scheduled for completion in 2017. The water park will also feature a new main entrance, poolside bar, family changing and showering areas, additional lounge furniture, shaded areas and a new restaurant, the Crystal Rock Café. Cabanas near the existing 500,000-gallon wave pool will also be upgraded to include free Wi-Fi, charging stations, ceiling fans, TVs and a food and beverage service. In addition to the water park renovations, the Breakers Express hotel will be renamed Cedar Point’s Express Hotel and will feature the addition of 69 new rooms. All guest rooms feature …
CLEVELAND — KeyBank Real Estate Capital, the commercial real estate business of KeyCorp, has expanded its platform and leadership team following the merger of KeyCorp and First Niagara Financial Group. The extended platform includes over 50 new bankers, portfolio managers and servicing officers from First Niagara that will begin working in KeyBank’s income property, community development lending, healthcare and servicing groups. First Niagara also has over $6 billion of commercial real estate loan commitments that will become part of Cleveland-based KeyBank’s extended platform. New leadership team for the income property group and the community development lending group includes Greg Gilroy, Russ Gentner, Doug MacLean, Chris Terlizzi and Craig Burton.
CLEVELAND — KeyBank Real Estate Capital has arranged $858 million in debt financing for YES! Communities LLC, an owner and operator of manufactured housing communities that is managed by Stockbridge Capital Group LLC. The financing consisted of one Fannie Mae and one Freddie Mac credit facility totaling $733 million and a $125 million syndicated, corporate-level revolving credit facility. Wells Fargo also arranged a credit facility for the company, which announced earlier this week that it sold 71 percent equity interest to two global investors, including GIC, a sovereign wealth fund from Singapore. In connection with the transaction, YES! Communities’ three manufactured home portfolios will be consolidated into a single entity. Chris Black of Cleveland-based KeyBank arranged the agency financing.
FAIRFIELD AND FOREST PARK, OHIO — CBRE Group Inc. has brokered the sale of two office and warehouse buildings near Cincinnati for an undisclosed price. Fairfield Business Center totals 44,011 square feet, and Kemper Woods Business Center totals 98,248 square feet. Chicago-based Brennan Investment Group purchased the buildings from two separate undisclosed sellers. Keith Yearout, Jim Vondran, Doug Whitten, Mike Lowe, Tim Schenke and Jeremy Kraus of CBRE represented the two sellers in the transaction. The team will also market the properties for lease.
CINCINNATI —Macy’s Inc. has announced that the company plans to close approximately 100 stores beginning in early 2017. This number constitutes roughly 15 percent of Macy’s current portfolio of 675 full-line stores. Specifics on the locations set to close will be announced at a later date. Cincinnati-based Macy’s intends to improve the stores that will remain in its portfolio by adding new vendor shops and bringing new businesses onto the sales floors through additional license agreements; increasing the size and quality of staffing through programs including “My Stylist” personal shopping services; infusing new technology; and creating new in-store events and experiences. The company also intends to invest in building the capacity of its websites and apps to create a faster, simpler interface for customers. Over the past six years, approximately 90 Macy’s stores have been closed and 13 new stores have been opened.
LEWIS CENTER, OHIO — NXT Capital has provided a $29 million acquisition loan for a 336-unit apartment property in Lewis Center, approximately 20 miles north of Columbus. Remington Woods is a Class A property that features amenities such as a heated swimming pool, business center, coffee bar, game room, walking trails, fitness center, movie theater and clubhouse. Built in 2014, Remington Woods offers one- and two-bedroom units. Chad Kiner of NXT Capital arranged the financing. The borrower and terms of the loan were not disclosed.
TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 278,000-square-foot office building in Toledo. The 16-story Edison Plaza is located at 300 Madison Ave. Toledo Edison Co. sold the building to 300 Madison LLC. Peter Shawaker of Reichle Klein Group represented the seller in the transaction.