Ohio

Associated Bank Provides $27.5M Construction Loan for Spec Industrial Project in Groveport, Ohio

by Kristin Harlow February 11, 2022

GROVEPORT, OHIO — Associated Bank has provided a $27.5 million loan for the construction of a 640,640-square-foot speculative industrial project in Groveport, a southern suburb of Columbus. The 47-acre site is located adjacent to Rickenbacker International Airport. The building will feature a clear height of 36 feet, 60 exterior docks, four drive-in doors, 185-foot truck courts and 154 trailer parking stalls. Completion is slated for this summer. The borrower, Groveport Venture LLC, is a partnership between CA Industrial Properties LLC, Stotan Industrial LLC and LaSalle Investment Management. Elizabeth Hozian, Evelyn Turner and Paul Henning of Associated Bank originated the loan, terms of which were not provided.

February 11, 2022

Industrial Loans Midwest Ohio

Bloomfield Capital Provides $4M Bridge Loan for Cleveland Industrial Property

by Kristin Harlow February 9, 2022

CLEVELAND — Bloomfield Capital has provided a $4 million senior bridge loan for a 100,000-square-foot industrial property in Cleveland. The undisclosed borrower has owned the building for several years and plans to utilize the loan to finalize interior renovations and upgrades to the property, which is more than 90 percent leased to retail and food processing tenants. The borrower plans to refinance the bridge loan with a conventional loan in 12 months.

February 9, 2022

Loans Midwest Multifamily Ohio

Ready Capital Closes $24.8M Acquisition Loan for Multifamily Property in Cincinnati

by Kristin Harlow February 7, 2022

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.

February 7, 2022

Loans Midwest Multifamily Ohio

Ready Capital Closes $54.3M Acquisition Loan for Multifamily Portfolio in Metro Columbus, Ohio

by Kristin Harlow February 4, 2022

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.

February 4, 2022

Hospitality Loans Midwest Ohio

PMZ Realty Capital Arranges $18.4M Loan for Refinancing of Two Ohio Hotels

by Kristin Harlow February 4, 2022

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.

February 4, 2022

Acquisitions Illinois Indiana Industrial Midwest Ohio

Taurus Purchases 1.5 MSF Industrial Portfolio Across Three Midwest Markets for $145.3M

by Kristin Harlow February 3, 2022

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.

February 3, 2022

Loans Midwest Multifamily Ohio

Ready Capital Closes $9M Acquisition Loan for Manufactured Housing Community in Toledo, Ohio

by Kristin Harlow February 3, 2022

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.

February 3, 2022

Loans Midwest Ohio Retail

KeyBank Provides $51.6M in Acquisition Financing for Three Retail Centers

by Kristin Harlow February 2, 2022

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.

February 2, 2022

Acquisitions Hospitality Midwest Ohio

Marcus & Millichap Negotiates $8.7M Sale of Crowne Plaza Hotel in Suburban Cleveland

by Kristin Harlow February 2, 2022

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.

February 2, 2022

Loans Midwest Multifamily Ohio

American Street Capital Arranges $3M Loan for Refinancing of Apartment Building in Shaker Heights, Ohio

by Kristin Harlow February 2, 2022

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.

February 2, 2022

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