DELAWARE, OHIO — Berkadia has provided a $16.5 million Fannie Mae loan for the refinancing of Flats on Houk in Delaware, about 30 miles north of Columbus. The 168-unit, garden-style community is located at 1000 Solomon Square. Amenities include a picnic area, pool, fitness center, recreation room, clubhouse, dog park and community garden. Scott Wilkie and Evan Ballmann of Berkadia’s Columbus office originated the 10-year loan, which features a 2.9 percent interest rate and a 55 percent loan-to-value ratio.
MACEDONIA, OHIO — Gullco International Inc. has signed a 12,000-square-foot industrial lease at 8157 Bavaria Road in Macedonia, about 23 miles southeast of Cleveland. David Hexter and Jeffrey Calig of NAI Pleasant Valley represented the undisclosed landlord in the lease transaction. Gullco manufactures and distributes welding and cutting automation tools to assist industries involved in ship building, power generation and infrastructure.
CLEVELAND — KeyBank has structured $13 million in construction financing for Via Sana, a 72-unit affordable housing project in Cleveland. The NRP Group LLC, The MetroHealth System and CCH Development Corp. are serving as developers. Via Sana is part of a $60 million mixed-use project being spearheaded by MetroHealth in the city’s Clark-Fulton neighborhood. Rents at the property will be offered at 15 to 75 percent below market rents. Project-based vouchers will be used for eight of the units. In addition to residences, Via Sana will include more than 5,000 square feet of commercial space as well as conference rooms and classrooms reserved for MetroHealth’s Economic Opportunity Center.
MIDDLEBURG HEIGHTS, OHIO — Owner and developer The Dickman Co. Inc. is nearing completion of a $9 million speculative industrial project in Middleburg Heights, a southern suburb of Cleveland. Terry Coyne of Newmark is representing Milwaukee-based Dickman in leasing efforts. The 125,500-square-foot project is now 90 percent pre-leased. Forward Air has leased 52,500 square feet and Lasership has signed for 63,000 square feet. There are 10,000 square feet remaining available for lease. Completion of the project is slated for the end of the second quarter. Building features include a clear height of 28 feet, multiple docks and drive-in doors, and ample employee and trailer parking.
COLUMBUS, OHIO — Northwest Bank has leased the top floor at 3 Easton Oval in Columbus and will have building signage. The owner of the office building, Alterra Real Estate Advisors, recently completed a renovation with new common areas, LED lighting, HVAC units with improved air quality, a new roof and solar panels. Northwest Bank joins accounting firm Brady Ware, which has leased half of a floor in the building. Alterra acquired the asset in December 2019.
MIDDLETOWN, OHIO — The Opus Group has completed 75 Logistics Center, a 612,589-square-foot speculative warehouse in Middletown, about 32 miles north of Cincinnati. Corporate apparel brand Cintas and global logistics company DHL have fully leased the building. In addition to convenient access to I-75, the project features a clear height of 36 feet, 40 dock doors and 79 trailer positions. Opus served as developer, design-builder, architect and structural engineer. Opus also served as interior designer for the tenant improvements. The project was a joint venture with Founders Properties.
CINCINNATI — Stan Johnson Co. has brokered the sale of a 25,600-square-foot retail center located at 7074 Harrison Ave. in Cincinnati for $3 million. The property was 94 percent leased at the time of sale to seven tenants. Constructed in 2006, the two-story building sits on 2.3 acres. Patrick Metz of Stan Johnson represented the seller, a California-based private investor. MAGNA Properties, an Ohio-based individual investor, purchased the asset as part of a 1031 exchange. The sale reflects a cap rate of 9.1 percent.
LEWIS CENTER, OHIO — JLL Capital Markets has brokered the sale of a 583,000-square-foot distribution center in Lewis Center within metro Columbus for an undisclosed price. Located at 8355 Highfield Drive, the property is fully leased to a manufacturer of trucks, buses and construction equipment. Constructed in 1988, the building features a clear height of 24 feet, 32 dock-high doors, four drive-in doors and LED lighting. Coler Yokam, Robin Stolberg, Kurt Sarbaugh and Dan Wendorf of JLL represented the seller, a joint venture between Covington Group and Castlelake. Equity Industrial Partners purchased the asset. Additionally, JLL arranged a 10-year, fixed-rate acquisition loan with an insurance company.
CLEVELAND — KeyBank has secured $18.6 million in financing for the construction of Slavic Village Gateway, an 88-unit affordable housing property in Cleveland. The two-building project will feature 21,000 square feet of ground-floor retail space as well as 10 townhomes. The property will feature 23 units for renters that earn at or below 30 percent of area median income (AMI) and 65 units for those who earn at or below 60 percent of AMI. KeyBank Community Development Lending and Investment (CDLI) secured a $12.5 million construction loan, while KeyBank’s Commercial Mortgage Group arranged a $6.1 million forward commitment for a Freddie Mac permanent loan. Additionally, the project will use 9 percent low-income housing tax credit equity from the Ohio Capital Corp. for Housing, $600,000 from the City of Cleveland and $1.5 million from University Settlement, which is a nonprofit social service agency that will occupy some of the project’s retail space. Kyle Kolesar of KeyBank’s CDLI team and Robbie Lyn of KeyBank’s Commercial Mortgage Group structured the financing on behalf of the developer, The NRP Group LLC.
MASON, OHIO — NorthMarq has arranged a $10.2 million loan for the acquisition of two industrial flex buildings at Governor’s Pointe in Mason, about 22 miles north of Cincinnati. The two properties span 154,775 square feet and are located at 4900 Parkway Drive and 4700 Duke Drive. They feature both industrial and office space. Noah Juran of NorthMarq arranged the five-year loan, which features a 25-year amortization schedule and a fixed rate. A regional bank provided the loan.