COLUMBUS, OHIO — Dougherty Mortgage LLC has closed on an $11 million Fannie Mae acquisition loan for a multifamily property in Columbus. Parkview Apartments is a 216-unit market rate apartment property. Unit amenities include walk-in closets, fully equipped kitchens and washer and dryer connections. A partnership between Old Capital Lending and Dougherty arranged the 10-year term, 30-year amortization loan for Wolfe Diamond Loch LLC.
CLEVELAND — Pillar has originated an $11.8 million Fannie Mae loan for a multifamily property in Cleveland. Mariner’s Watch is a Class A property that was built in 2014. The 62-unit, four-story building includes 33 one-bedroom units and 29 two-bedroom units. The property also features an indoor parking garage and is 100 percent leased. Joe Markech and Brooke Jackson of Pillar originated the fixed-rate, 10-year loan that two-years of interest-only payments to refinance the original construction loan followed by a 30-year amortization schedule. The undisclosed borrower is a local multifamily property owner and operator. The Mariner’s Watch property has obtained a Energy Star certification for energy efficiency.
CINCINNATI — NorthMarq Capital has arranged $1.4 million in acquisition financing for the buyer of a 72-unit multifamily property in Cincinnati. Williamstown Apartments is located at 5500 Glengate Lane. The five-year loan includes 18 months of interest-only payments followed by a 25-year amortization schedule. Noah Juran of NorthMarq originated the loan for the undisclosed out-of-state borrower through a local bank.
AKRON, OHIO — The Cooper Commercial Investment Group has arranged the $2.3 million sale of Chapel Hill Crossing, a 116,843-square-foot retail center in Akron. Tenants at Chapel Hill Crossing, located about 40 miles south of Cleveland, include Gold’s Gym and Roses Discount Store. Bob Havasi and Dan Cooper of Copper Commercial represented the seller in the transaction, a large institutional group based in Tennessee. The undisclosed private investment buyer is based in Texas.
CLEVELAND — KeyBank Real Estate Capital has provided a $7.4 million bridge loan for the acquisition for a multifamily property in Cleveland. The Community Builders Inc. is the borrower. Commodore Place Apartments is a 198-unit, mixed-income apartment complex that was built in 1924. The property is located in the University Circle neighborhood of Cleveland. Kelly Frank of KeyBank Real Estate Capital arranged the financing.
CLEVELAND — Cohen Financial has arranged a $14.5 million bridge loan for a parking structure in Cleveland. Huntington Garage is a 1,100-stall structure that is located at 999 Chester Ave. in downtown Cleveland. Dan Rosenberg of Cohen Financial secured the bridge loan with Prime Finance Partners for the undisclosed borrower.
LAKEWOOD, EUCLID AND WICKLIFFE, OHIO — Pillar has originated $9.1 million in Fannie Mae refinance loans for three apartment properties in Ohio. Joe Markech and Brooke Jackson of Pillar originated the three fixed-rate, 12-year loans that include a 30-year amortization schedule. Mayfair Apartments, a 144-unit building located in Lakewood, a western suburb of Cleveland, received $5 million in refinancing. Pillar also originated a $1.8 million loan at 65 percent loan-to-value for Euclid Terrace Apartments in Euclid, a northeastern suburb of Cleveland. The property consists of four two-story buildings totaling 91 units. The buildings were built in 1958 and 1964. Wickliffe Gardens & Manor also received a $2.2 million loan at 65 percent loan-to-value from Pillar. Located in Wickliffe, a northeast suburb of Cleveland, Wickliffe Gardens is a 55-unit building and Wickliffe Manor is a 26-unit apartment property.
TWINSBURG, OHIO — Meridian Design Build has completed the construction of two industrial buildings for developer Scannell Properties. The buildings, which total 510,722 square feet, are located in Twinsburg, approximately 20 miles southeast of Cleveland. The new facilities consist of a 303,888-square-foot build-to-suit building and a 207,360-square-foot speculative building. The assets are located on 59 acres of land within the Cornerstone Business Park. The build-to-suit project features 99 loading docks, 236 interior van loading positions, 509 exterior trailer stalls and 15,434 square feet of office space. The multi-tenant speculative building includes 171 auto parking stalls, five tenant entrances and 26 loading docks. Precept Design LLC provided the architectural services for the projects, and Weber Engineering Services provided the civil engineering work.
Whoever said you can’t find nature in the heart of the city has never been to Columbus, Ohio — well at least not recently. Columbus is making a big effort to replace roadways with greenways and alter people’s perceptions about what it means to live downtown. What used to be a dilapidated department store is what started it all. In 2002, Mayor Michael Coleman and the city council formed the nonprofit Columbus Downtown Development Corp. (CDDC), which was tasked with reshaping and revitalizing downtown into an urban hub. In 2008, The Lazarus Building, a department store that has been an urban icon for the last 100 years, received a $1 million facelift and is now fully leased to a mix of commercial, cultural and retail tenants in 1 million square feet of space. “The Lazarus Building suffered the same fate as malls and department stores in downtowns throughout the country,” recalls Guy Worley, CDDC president. “As more people left the cities for the suburbs, these malls and department stores were left to decay.” The building was the first LEED Gold-certified renovation project in Central Ohio — something the city takes pride in. “We didn’t want this project to come at …
CLEVELAND, OHIO — Weston Inc. and Citymark Capital have unveiled plans for a 3 million-square-foot mixed-use development in Cleveland. The five-acre area is currently occupied by parking lots that will be converted into luxury apartments, retail facilities, restaurants and green spaces. The development will include 1,200 residential units with a rooftop bar, deck and pool; approximately 100,000 square feet of retail space; green spaces and covered garage parking. The project will be built in fours phases. Phase I will include 352 units, 22,000 square feet of retail and 390 parking spots. Developers hope to break ground on Phase I in the spring of 2016. The first phase is slated for completion in the summer of 2017. The development will be one block west of Cleveland’s Public Square. Gensler will serve as the primary architect for the project and Gilbane Inc. will perform the construction.
