Ohio

NRP Group Breaks Ground on 78-Unit Apartment Community in Cleveland

by Kristin Harlow October 12, 2020

CLEVELAND — The NRP Group has broken ground on 5115 at The Rising, a 78-unit apartment community in Cleveland’s Broadway-Slavic Village. The project is being developed in collaboration with University Settlement, a social services provider that has been serving area residents for more than 90 years. In addition to the 78 apartment units, the development will include 10 townhomes. Project financing comes from The Ohio Housing Finance Agency, KeyBank, Ohio Capital Corp. for Housing, Third Federal Foundation and the City of Cleveland. University Settlement plans to relocate its corporate offices to a 20,000-square-foot commercial space on the ground floor of the building. Completion is slated for early 2022.

October 12, 2020

Development Midwest Ohio Restaurant Retail

True Food Kitchen Opens First Location in Ohio

by Kristin Harlow October 9, 2020

COLUMBUS, OHIO — True Food Kitchen has opened its first Ohio restaurant at Easton Town Center in Columbus. The restaurant brand was founded in 2008 by Sam Fox and Dr. Andrew Weil, creator of the anti-inflammatory diet, which involves selecting foods that help fight chronic inflammation. True Food Kitchen serves a variety of vegetarian, vegan and gluten-free options. As a result of COVID-19, the restaurant is currently offering family to-go meals and carryout cocktails. The dining room includes 27 tables that are spaced six feet apart. The restaurant also includes an outdoor patio. There are 34 True Food Kitchen locations in 15 states.

October 9, 2020

Acquisitions Midwest Ohio Retail

Baceline Purchases Trask Towers Shopping Center in Metro Cleveland

by Kristin Harlow October 7, 2020

MENTOR, OHIO — Baceline Investments has purchased Trask Towers, a 16,232-square-foot shopping center in Mentor, about 25 miles northeast of Cleveland. The purchase price was undisclosed. The property is fully leased to tenants such as Noosa Bistro and Guilliano Pizza. Trask Towers marks Baceline’s fifth property in the state of Ohio and 71st in its core income portfolio, which owns and operates necessity-based, multi-tenant shopping centers in 27 different metros. Baceline is based in Denver.

October 7, 2020

Acquisitions Healthcare Midwest Ohio Seniors Housing Top Stories

Welltower Sells $1.3B of Seniors Housing and Outpatient Medical Facilities; CEO Steps Down

by John Nelson October 6, 2020

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has sold three separate portfolios totaling $1.3 billion in value. The portfolios comprise 11 seniors housing facilities in the Western United States, six seniors housing communities in Massachusetts and 20 outpatient medical facilities across five states. Separately, Welltower also announced on Monday a strategic personnel change in the C-suite as the Toledo-based REIT promoted Shankh Mitra from chief operating officer to CEO effective immediately. Tom DeRosa is stepping down from his role as CEO after six years. Mitra will also retain his chief investment officer title. Details of seniors housing sales The sales price of the Western portfolio totaled $702 million, or $466,000 per unit. The unnamed properties are situated in California, Washington and Nevada and have an average age of 12 years. Welltower’s previous ownership stake in the portfolio was 80 percent. The buyer was not disclosed. The sales price of the Massachusetts portfolio totaled $200 million, or $395,000 per unit. The unnamed properties have an average age of 19 years. Welltower is reducing its ownership stake from 95 percent to 20 percent. The remaining 80 percent of the portfolio will be owned by a fund co-managed by Taurus Investment Holdings and …

October 6, 2020

Industrial Loans Midwest Ohio

KeyBank Provides $17.6M CMBS Loan for Acquisition of Warehouse in Wilmington, Ohio

by Kristin Harlow October 2, 2020

WILMINGTON, OHIO — KeyBank Real Estate Capital has provided a $17.6 million CMBS loan for the acquisition of a 615,000-square-foot warehouse in Wilmington, located between Cincinnati and Columbus. Built in 1990, Progress Park is home to tenants such as G&J Pepsi-Cola Bottlers and Greencore USA. Jake Proctor of KeyBank structured the 10-year, fixed-rate loan, which features three years of interest-only payments followed by a 30-year amortization schedule. I3 Investors, an Indianapolis-based private real estate investment firm, was the borrower.

October 2, 2020

Loans Midwest Multifamily Office Ohio

BridgeCore Provides $8M Bridge Loan for Office-to-Apartment Conversion in Downtown Cleveland

by Kristin Harlow September 24, 2020

CLEVELAND — BridgeCore Capital has provided an $8 million bridge loan for the acquisition of a historic office building in downtown Cleveland. The undisclosed borrower plans to convert the building, currently 42 percent occupied, into a 436-unit apartment property with a mix of office and retail space. The loan features a 12-month term with a fully funded reserve for interest and a 65 percent loan-to-value ratio. Akron-area businessman Agostino Pintus and his business partner Kenny Wolfe purchased the Rockefeller Building for $13.3 million, according to Cleveland.com.

September 24, 2020

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Arranges $38M in Financing for Renovation of Affordable Seniors Housing Community in Dayton, Ohio

by Kristin Harlow September 23, 2020

DAYTON, OHIO — KeyBank has arranged a $38 million financing package for renovations to The Biltmore Towers, an affordable seniors housing community in Dayton. KeyBank Community Development Lending and Investment (CDLI) secured a $6 million equity bridge loan and KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group secured $16 million of fixed-rate Fannie Mae financing. Additionally, the Key Community Development Corp. provided $16 million of low-income housing tax credit and historic tax credit equity combined. St. Mary Development Corp. and Related Cos. are leading the redevelopment project. Built in 1929 as the Dayton Biltmore Hotel, The Biltmore Towers is a 230-unit, 18-story independent living community. Converted to seniors housing in 19981, it is restricted to residents age 55 or older. The historic landmark also features more than 23,000 square feet of community space and more than 14,000 square feet of commercial space. The renovation program — which focuses on environmental sustainability, historic preservation and amenity improvements — will include upgrades to the interiors of the apartments as well as the common areas and community spaces. It’s anticipated that no tenants will be permanently displaced during the renovation, which will take about 18 months. The project will include a new fitness …

September 23, 2020

Acquisitions Midwest Multifamily Ohio

Trilogy Real Estate Group Purchases 256-Unit Apartment Community Near Columbus

by Kristin Harlow September 23, 2020

LEWIS CENTER, OHIO — Trilogy Real Estate Group, a Chicago-based real estate investment, property management and development firm, has purchased The Mirada in the Columbus suburb of Lewis Center for an undisclosed price. The 256-unit apartment community, built in 2018, spans 224,635 square feet on nine acres. It features studios, one-, two- and three-bedroom floor plans and was 95 percent leased at the time of acquisition. Amenities include a pool, grilling area, sand volleyball court, clubroom, game area and fitness center. The seller was undisclosed.

September 23, 2020

Development Industrial Midwest Ohio

VanTrust Breaks Ground on 1 MSF Warehouse Near Rickenbacker International Airport

by Kristin Harlow September 22, 2020

COLUMBUS, OHIO — VanTrust Real Estate has broken ground on a 1 million-square-foot speculative warehouse near the Rickenbacker International Airport in Columbus. VanTrust will build the project on land that it acquired from K-Nova LLC earlier this year. The master-planned industrial park will be known as Rickenbacker Exchange at Commercial Point and encompasses more than 900 acres of shovel-ready logistics and manufacturing ground. VanTrust says it can accommodate an additional 1.2 million square feet of warehouse space at the site. Jack Tzagournis of Fortress Real Estate Cos. assisted K-Nova in the sale. Pepper Ohio, a subsidiary of Pepper Construction Group, will lead construction. RED Architecture designed the building. Michael Linder of Colliers International has been retained as listing agent.

September 22, 2020

Affordable Housing Development Midwest Multifamily Ohio

Herman & Kittle Properties Opens $50.6M Affordable Housing Property in Columbus

by Kristin Harlow September 22, 2020

COLUMBUS, OHIO — Herman & Kittle Properties Inc. has opened Riverside Trail, a $50.6 million affordable housing property in Columbus. The community’s 248 units are available to residents who earn at or below 60 percent of the area median income. Located on Chatterton Road, the project features one-, two-, three- and four-bedroom layouts that range from 809 to 1,453 square feet. Amenities include a pool, fitness center, game room, dog park and outdoor grilling area.

September 22, 2020

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