COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Juniper Crossing, an affordable seniors housing community that will be built in two phases in Columbus. Phase I will provide 44 units for residents who earn between 30 and 70 percent of the area median income (AMI), while Phase II will offer 37 units for those who earn up to 60 percent AMI. Amenities will include a multipurpose community room, fitness center, parcel room, laundry facility, lounge room, activity room and picnic area. The property is expected to be certified LEED Silver. The Ohio Housing Finance Agency (OHFA) allocated federal housing tax credits for both phases of the project, and new state credits for Phase II. OHFA also provided the first mortgage for Phase I. Merchants Capital invested in the federal and state tax credits for both phases in exchange for equity financing. Its affiliate, Merchants Bank of Indiana, is the construction lender. Cedar Rapids Bank & Trust provided a permanent first mortgage for Phase II. The City of Columbus approved a 15-year tax abatement on 100 percent of the value for both phases. The city also provided gap financing toward permanent debt, including a HOME loan for soft …
NEWARK, OHIO — Vista Residential Partners has broken ground on Trailhead Vista, a 308-unit apartment community in Newark, about 40 miles east of Columbus. The 15.6-acre project is situated at the northeast corner of West Main Street and Thornwood Drive along the Thornwood Corridor Employment Hub (TECH), which is comprised of five industrial parks totaling over 1,600 acres. Designed by Columbus-based ArchAll, the garden-style community will offer a mix of one- and two-bedroom units averaging 862 square feet. Amenities will include a clubhouse, pool, fitness center, central green area and pet park. Trailhead Vista will also offer access to the TJ Evans Trail, a 14.2-acre trail connecting Newark to Johnstown. Parse Capital, Icarus Capital and Old National Bank provided financing for the development. Krevolin & Horst LLC represented Vista Residential Partners.
NILES, OHIO — MAG Capital Partners LLC has acquired a 410,858-square-foot manufacturing facility in northeast Ohio’s Niles in a sale-leaseback transaction with BRT Extrusions Inc. The purchase price was undisclosed. The tenant, a full-service aluminum extrusion company, serves a wide range of sectors, including construction, automotive, transportation and electronics. The property is situated on nearly 28 acres at 1818 Main St. Daniel Macks and Phil DiGennaro of Stream Capital Partners advised the buyer and seller. Dallas-based MAG Capital Partners invests in industrial real estate and operating companies.
SOUTH POINT, OHIO — Catalyst Healthcare Real Estate and Heitman have broken ground on a new 51,000-square-foot inpatient rehabilitation hospital in South Point along the Ohio River. The project marks the ninth hospital Catalyst has delivered for PAM Health, and the second in Ohio. The 42-bed facility will be fully leased and operated by PAM Health. The hospital will provide inpatient and outpatient physical, occupational and speech therapy services.
SOUTH LEBANON, OHIO — Hall Structured Finance (HSF) has provided a $21.9 million construction loan for River Creek Lofts, a 120-unit apartment development in South Lebanon, about 30 miles northeast of Cincinnati. Dayton-based VCARVE Constructions is the developer. The four-story project will feature amenities such as a clubhouse, outdoor pool, fitness and yoga center, dog wash station, banquet area, kitchen and coffee station. Residents will have access to multiple pickleball courts and a basketball court as well as 236 miles of walking and biking trails along the Little Miami River to Lake Erie via a pedestrian bridge. Amir Giryes of Giryes Capital Group arranged the loan.
CINCINNATI — Cincinnati Children’s has acquired a recently constructed office building in the Cincinnati Innovation District that will be home to over 200 employees who focus on non-laboratory research. The health system will occupy the top two floors of the six-story, 180,000-square-foot building at 3090 Exploration Ave. The purchase price was undisclosed. JobsOhio provided a $32 million low-interest loan to help Children’s acquire the property, which was built by Terrex Development & Construction. As part of the agreement with JobsOhio, Children’s committed to creating 100 new research jobs with a payroll of at least $10 million. The health system also committed to increasing research that relies on federal funding. The two floors to be occupied by Children’s encompass a total of 60,000 square feet. The four lower levels will be leased to other organizations. Cushman & Wakefield will market those spaces for lease. The building will also include a breakfast and lunch dining concept, details of which will be announced in the coming months. Build-out of the interior space for Children’s is expected to take nine to 12 months and will be overseen by TriVersity Construction. BHDP Architecture will lead the design. Motz Engineering will handle mechanical, electrical and plumbing, …
SHALERSVILLE, OHIO — Geis Development is underway on the construction of a new 220,000-square-foot manufacturing facility for Viega in Shalersville, about 40 miles southeast of Cleveland. Viega works in press technology for metal pipe fittings and valves. The project is situated within Geis’ Turnpike Commerce Center. Construction began in November and is slated for completion in early 2025. The 80-acre parcel and construction of the new plant represent an investment of approximately $200 million in Ohio. Geis is collaborating with Viega’s design team to ensure that the project aligns with Viega’s sustainability goals, which include reducing the carbon emissions associated with importing products by manufacturing more items in the U.S. The new facility will be completely carbon neutral from the start, supporting the company’s long-term goal of achieving net-zero carbon emissions for all its plants by 2035.
FAIRLAWN, OHIO — BWE has arranged a $31.8 million loan for the refinancing of Market Square at Montrose, a Home Depot-anchored shopping center in Fairlawn near Akron. Built in the 1990s and located at 4020 Medina Road, the 506,870-square-foot property is currently 88 percent leased. Tenants include Dick’s Sporting Goods, Staples, Cost Plus, Steak N Shake and Golf Galaxy. A new lease with Tesla has recently been executed. Brian Bruening of BWE arranged the floating-rate loan with no interest rate caps on behalf of the undisclosed borrower. The lender was also undisclosed.
SPRINGDALE, OHIO — A group of investors operating as AV Cincinnati Acquisition LLC is set to transform the former Tri-County Mall site in Springdale, a northern suburb of Cincinnati, into a mixed-use destination named City Center Springdale. Plans call for roughly 600,000 square feet of retail, entertainment and restaurant space, 750,000 square feet of office space, 2,600 multifamily units, 200,000 square feet of fitness facilities and 400 hotel rooms. The new ownership group, which is led by MarketSpace Capital, purchased the property earlier this year. Lee & Associates is handling leasing and management for the project. The mall closed in 2022.
COLUMBUS, OHIO — SRS Real Estate Partners has brokered the $8.6 million sale of a 125,357-square-foot retail property occupied by Lowe’s Home Improvement in Columbus. Situated on 12.8 acres, the building at 2888 Brice Road features a corporate-guaranteed lease that was recently extended for 10 more years. The property is adjacent to Brice Park, a 158,000-square-foot shopping center. Matthew Mousavi and Patrick Luther of SRS represented the undisclosed seller. A West Coast-based private investor purchased the asset at a cap rate of 6.4 percent.