CINCINNATI — Ready Capital has closed a $24.8 million loan for the acquisition, renovation and stabilization of a 234-unit multifamily property in the Forest Park submarket of Cincinnati. The undisclosed borrower plans to implement a capital improvement program for the Class B property with plans to renovate unit interiors, property exteriors and common areas. The nonrecourse loan features a three-month term, floating rate and interest-only payments.
COLUMBUS, OHIO — Ready Capital has closed a $54.3 million loan for the acquisition, renovation and stabilization of a two-property multifamily portfolio in metro Columbus. The portfolio totals 454 units. The undisclosed borrower plans to implement a capital improvement program to renovate unit interiors and property exteriors as well as perform various common area upgrades. The nonrecourse loan features a three-month term, floating rate and interest-only payments.
WEST CHESTER TOWNSHIP, OHIO — PMZ Realty Capital LLC has arranged an $18.4 million loan for the refinancing of two hotel properties in West Chester Township, about 18 miles north of Cincinnati. The adjacent properties include the 100-room Courtyard Cincinnati North at Union Center and the 100-suite Residence Inn Cincinnati North/West Chester. Both offer a fitness center, indoor pool, 24-hour food market and complimentary Wi-Fi. A life insurance company provided the loan, which features an interest rate below 4 percent and interest-only payments. The borrower was undisclosed.
CHICAGO, CINCINNATI AND INDIANAPOLIS — Taurus Investment Holdings LLC has purchased an 18-building industrial portfolio totaling 1.5 million square feet across metro Chicago, Cincinnati and Indianapolis. Prologis sold the portfolio for $145.3 million, according to Crain’s Chicago Business. The buildings are 94 percent leased to 40 national, regional and local tenants. Boston-based Taurus currently owns more than 15 million square feet of industrial product nationwide.
TOLEDO, OHIO — Ready Capital has closed a $9 million loan for the acquisition, renovation and stabilization of a 233-pad manufactured housing community in the Ottawa Hills submarket of Toledo. The borrower plans to implement a capital improvement program to renovate lots, dispose of park-owned homes and lease up the vacant pads. The nonrecourse loan features a three-year term, floating rate and interest-only payments.
CLEVELAND — Cleveland-based KeyBank Real Estate Capital (KBREC) has provided $51.6 million in acquisition financing for three retail centers in Ohio, Oklahoma and Pennsylvania. First National Realty Partners LLC is acquiring the assets. Southland Crossings is a 245,678-square-foot center in the eastern Ohio city of Boardman. Anchor tenants include Giant Eagle, Michaels, Ross Dress for Less and PetSmart. Summit Square is a 166,552-square-foot property in Tulsa that is anchored by Reasor’s Foods, American Freight and Tuesday Morning. The Village at Pittsburgh Mills is a 161,079-square-foot center in Tarentum, Pa., that is anchored by Ross Dress for Less, Michaels, PetSmart and Aldi. Jon Scott of KBREC structured the financing with a five-year term and interest-only payments.
MIDDLEBURG HEIGHTS, OHIO — Marcus & Millichap has negotiated the $8.7 million sale of the Crowne Plaza Cleveland Airport hotel in Middleburg Heights, a suburb of Cleveland. The five-story, 238-room hotel features an onsite restaurant named Tavolo 72. Amenities include a fitness center, indoor pool, airport shuttle and 16,000 square feet of meeting space. The property, located at 7230 Engle Road, was originally built in 1978. It was branded as Crowne Plaza in 2008. Robert Hunter and Scott Havericak of Marcus & Millichap represented the seller, a limited liability company. The duo also procured the undisclosed buyer.
SHAKER HEIGHTS, OHIO — American Street Capital (ASC) has arranged a $3 million bridge loan for the refinancing of a 100-unit apartment building in the Cleveland suburb of Shaker Heights. The six-story property is within walking distance of Shaker Square, a shopping, dining and entertainment district. Units average 576 square feet, and amenities include onsite security, laundry facilities and 82 parking spaces. Kyle Tyrrell of ASC arranged the 18-month loan through a debt fund. An unnamed owner-operator was the borrower.
SPRINGDALE, OHIO — Milhaus has broken ground on Array, a $43 million apartment development in the Cincinnati suburb of Springdale. The 216-unit project, situated at 11911 Sheraton Lane, will include amenities such as a dog park, resident lounge, communal kitchen, pool, fitness center, conference rooms, coworking spaces and rentable office space. The project team includes architect M+A Architects, interior designer Studio 5 and engineer Bayer Becker. Completion is slated for March 2023.
SHARONVILLE, OHIO — Workhorse Group, an electric vehicle manufacturer, has signed a 58,720-square-foot lease for both industrial and office space at Park 42 in Sharonville, a northern suburb of Cincinnati. The company is relocating its headquarters from nearby Loveland. Situated on nearly 30 acres, the 286,000-square-foot building is located near I-275, I-75 and I-71. Workhorse Group is expected to move into the new space no later than April of this year. Todd Pease and Tom Fairhurst of JLL represented the building owner, Experimental Holdings. John Schenk Jr. and Chris Vollmer Sr. represented the tenant.
