Ohio

First Hospitality Opens 122-Room Residence Inn Hotel at Columbus Airport

by Kristin Harlow November 24, 2020

COLUMBUS, OHIO — First Hospitality has opened a 122-room Residence Inn by Marriott hotel in Columbus. Located at 4294 International Gateway, the hotel is the first extended-stay property at John Glenn Columbus International Airport. The pet-friendly hotel features studios and one-bedroom suites. A complimentary shuttle operates within a five-mile radius from the hotel and includes access to the shopping destination Easton Town Center. Other amenities include an indoor pool, fitness center, grocery service and full-service bar. Smoot Construction centered the hotel’s design around its location with an aviation theme, which includes historical photos form the Ohio History Connection. The property also features First Hospitality’s Cleanliness First Plan, a safety and sanitation guide that expands on recommendations from the Centers for Disease Control and Prevention, the World Health Organization and the American Hotel & Lodging Association.

November 24, 2020

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Secures $10.5M Refinancing for 90-Bed Skilled Nursing Facility in Ohio

by Kristin Harlow November 24, 2020

BRUNSWICK, OHIO — KeyBank Real Estate Capital has secured a $10.5 million FHA 232/223(f) loan for the refinancing of Brunswick Pointe Transitional Care in Brunswick, about 20 miles southwest of Cleveland. Built in 2017, the 90-bed skilled nursing facility offers short- and long-term care, physical, occupational and speech therapy, as well as wellness programs, dining and nutrition services, and personal care assistance. John Randolph and Henry Alonso of KeyBank structured the fixed-rate, 35-year loan on behalf of the borrower, Foundations Health Solutions. Loan proceeds were used to pay off a construction loan and fund replacement reserves.

November 24, 2020

Development Industrial Midwest Ohio

Industrial Commercial Properties Finalizes Agreement to Redevelop Former GM Stamping Plant in Central Ohio

by Kristin Harlow November 20, 2020

ONTARIO, OHIO — Industrial Commercial Properties LLC (ICP), a Cleveland-based commercial real estate development company, has finalized an agreement with the City of Ontario to redevelop a former General Motors Co. stamping plant. Located about 65 miles northeast of Columbus, the 270-acre site could accommodate up to 2 million square feet upon full buildout, according to ICP. The Ontario plant closed in 2010 after GM’s bankruptcy restructuring in 2009. The city took possession of the property in 2018. ICP plans to redevelop the site into Ontario Commerce Park and says occupancy could begin as early as next year. The first tenant will be specialty film producer Charter Next Generation, which will occupy 45,000 square feet. ICP has also redeveloped former GM sites in Batavia and Moraine, Ohio.

November 20, 2020

Content Partner Heartland Feature Archive Lument Midwest Missouri Multifamily Ohio RED Capital Group Wisconsin

Cleveland, Milwaukee & St. Louis Multifamily Forecasts Indicate Case for Caution

by Sarah Daniels November 19, 2020

In earlier research, we found that investors may find advantageous risk and reward tradeoffs during the pandemic in often overlooked Midwest secondary markets. For the most part, average rent and occupancy metrics in these markets continued to rise throughout the summer, recession notwithstanding. Together, their inviting cap rates, rising NOI and low historic income volatility form a fairly compelling investment predicate. We also found that positive performance attributes were not limited to the region’s most robust economies. Even metropolitan markets that have experienced slow demographic growth — like Cincinnati and Detroit — posted surprisingly good revenue growth. Can the same logic be extended to metropolitan areas experiencing actual demographic decline? A review of recent trends in three “high-yield” markets with negative population growth – Cleveland, Milwaukee and St. Louis – shed some light on the question. View higher resolution version of chart above here. With respect to occupancy, the answer is yes. In fact, property level data published by Yardi suggest that market conditions in each of these metro areas has been constructive since February. Between February and October, average occupancy among stabilized same-store property samples increased by 14 basis points in Cleveland and 10 bps in St. Louis, in …

November 19, 2020

Development Midwest Multifamily Ohio Seniors Housing

Woda Cooper Delivers Affordable, Age-Restricted Community in Columbus, Ohio

by Kristin Harlow November 18, 2020

COLUMBUS, OHIO — Affordable housing developer Woda Cooper Cos., along with partners Gertrude Wood Community Foundation and LifeCare Alliance, have completed The Livingston, a 45-unit affordable and age-restricted community in the Near South area of Columbus. The three-story property is reserved for residents age 55 and older who earn up to 60 percent of the area median income. The project pays tribute to The Livingston Theater, a historic theater dating back to the 1940s. The theater’s marquee signage, terrazzo flooring and a portion of its lobby were restored and incorporated into the project. PCI Design Group served as architect. Amenities include an onsite wellness center, interior courtyard, community room, fitness center and free Wi-Fi. Nonprofit partner LifeCare Alliance will provide supportive services and health screenings. Woda Construction Inc. was the general contractor and Woda Cooper’s management division will oversee leasing and day-to-day operations. Financing for The Livingston was made possible through the allocation of low-income housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). KeyBank provided a construction loan while Cedar Rapids Bank & Trust and the City of Columbus provided first and second mortgages. OHFA and Affordable Housing Trust of Columbus and Franklin County provided bridge loans.

November 18, 2020

Development Industrial Midwest Ohio

Core5 to Develop 437,000 SF Spec Industrial Building in Columbus, Ohio

by Kristin Harlow November 17, 2020

COLUMBUS, OHIO — Core5 Industrial Partners has received construction financing to move forward with the development of C5 Southgate, a 437,000-square-foot, speculative industrial building in Columbus. The property will be situated on a 30-acre site near I-70. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through ServisFirst Bank in Atlanta. Core5 has developed more than 12 million square feet of industrial space since 2015.

November 17, 2020

Acquisitions Midwest Multifamily Ohio Seniors Housing

United Church Homes Expands in Northeast Ohio with Acquisition of Two Active Adult Communities

by Kristin Harlow November 16, 2020

BRUNSWICK AND NILES, OHIO — United Church Homes, an Ohio-based nonprofit provider of senior living residential and healthcare services, has acquired two active adult communities in Northeast Ohio for an undisclosed price. Harbor Woods Living at Brunswick and Harbor Woods Living at Niles were each built in 2016. The four-story, rental properties consist of 127 units each and cater to active adults over age 55. Amenities include a fitness center, salon, library, game room and gathering spaces. Harbor Woods Living was the seller. United Church Homes says the acquisition is aligned with its strategy of expanding its portfolio of market-priced housing for middle-income, older adults.

November 16, 2020

Development Midwest Multifamily Ohio

Herman & Kittle Properties Opens $5M Whispering Creek Apartments in Columbus, Ohio

by Kristin Harlow November 16, 2020

COLUMBUS, OHIO — Herman & Kittle Properties Inc. has opened Whispering Creek, a $5 million apartment community in Columbus. The property is located at 2960 Gooden Way and features 188 units. Floor plans range from one-bedroom to four-bedroom units. Amenities include a business center, dog park, fitness center, laundry facility, play area and barbecue grills. The development is situated near Hoover Park and the Scioto Country Club on the Scioto River. Monthly rents start at $811.

November 16, 2020

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Structures $31M in Financing for Renovation of Affordable Seniors Housing Property in Cleveland

by Kristin Harlow November 13, 2020

CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have structured $31 million in financing for the renovation of Carnegie Tower at Fairfax in Cleveland. Built in 1976, the affordable seniors housing property rises 12 stories and features 171 units. It is a project-based Section 8 building and is situated on two acres next to Cleveland Clinic. Units come in one- and two-bedroom floor plans and are reserved for residents age 62 and older. KBREC provided a $14 million HUD construction-to-permanent loan while KBCM sold $17 million of tax-exempt bonds. Additionally, KeyBank Community Development Corp. provided $10 million of low-income housing tax credit equity to purchase credits awarded to the project. Robbie Lynn, Kelly Frank, Ryan Olman and Sam Adams of KeyBank structured the financing on behalf of the borrower, Columbus-based National Church Residences. The project will preserve the building as affordable housing and ensure the long-term viability of the development, according to KeyBank.

November 13, 2020

Leasing Activity Midwest Office Ohio

ResellerRatings Signs 3,500 SF Office Lease in Downtown Cleveland

by Kristin Harlow November 13, 2020

CLEVELAND — ResellerRatings, a Cleveland-based technology company, has signed a 3,500-square-foot office lease at the historic Caxton Building in downtown Cleveland. ResellerRatings, which is a ratings website where consumers submit reviews of online retailers, is scheduled to move into its new space in November. Stephen Morris of CBRE represented the tenant in the lease transaction. Katherine and Bill Bolton own the eight-story property. The Caxton Building opened in 1903 and was named after William Caxton, the first to introduce the printing press to England. The building was designed to house graphic arts and printing businesses.

November 13, 2020

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