CINCINNATI — NorthMarq has arranged a $7.5 million loan for the refinancing of River Bend Apartments in Cincinnati. The 120-unit apartment community is located at 163-181 Anderson Ferry Road. The property was built in 1971 and renovated from 2016 to 2020. Noah Juran of NorthMarq arranged the 15-year loan with one year of interest-only payments followed by a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
CINCINNATI — Vision & Beyond Capital Investments has acquired two historic buildings in Cincinnati. The company is investing around $7 million to acquire and renovate both properties. The first asset is 7-9 West Court Street, which features 18 market-rate apartment units and five commercial storefronts. The building was originally built in 1905. Vision & Beyond plans to upgrade the units to Class A standards and develop six additional units on the sixth floor. The second acquisition, 1025 Central Avenue, is home to 11 market-rate apartment units and three businesses. Vision & Beyond will renovate the units and amenities. Since its inception in 2018, Vision & Beyond has invested $91 million and acquired more than 1,550 multifamily units in Greater Cincinnati. The company is poised to invest another $200 million in Cincinnati, Columbus, Dayton and Lexington, Ky. by the end of 2021.
MOUNT GILEAD, OHIO — Marcus & Millichap has arranged the $3.4 million sale of a 51,443-square-foot property occupied by Kroger in Mount Gilead, about 40 miles northeast of Columbus. The asset is located at 555 W. Marion St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the buyer, a publicly traded REIT. Seller information was undisclosed.
COLUMBUS, OHIO — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant medical office building in Columbus for $1.4 million. Located at 4660 Roberts Road, the property is fully occupied by BrightView Health, a behavioral clinic specializing in the treatment of opioid addiction. Chad Firsel and Jason Lenhoff of Quantum represented the seller, a local real estate investment and development company. A Florida-based private investor was the buyer.
CINCINNATI — NorthMarq has arranged a $4.6 million loan for the refinancing of a rental housing portfolio comprising 50 units throughout Southwest Ohio. The portfolio included 26 single-family rental homes as well as one apartment property. Noah Juran and Chase Dawson of NorthMarq’s Cincinnati office arranged the 10-year loan, which features a 20-year amortization schedule and a 75 percent loan-to-value ratio. A regional bank provided the fixed-rate loan.
COLUMBUS, OHIO — Walker & Dunlop Inc. has arranged $55.5 million in construction and permanent financing for the development of Quarry Trails Apartments and Quarry Trails Townhomes and Flats in Columbus. Thrive Cos. is developing the 293-unit multifamily and 100-unit townhome project within a decommissioned quarry. The development is positioned within a natural park and rests alongside a 60-foot waterfall, a 160-foot vertical rock face and more than two miles of riverfront trails. Plans also call for the development of an office building, 20,000 square feet of retail space and a community center. Jeff Morris, Chad Kiner and A.J. Mangan of Walker & Dunlop’s Ohio Capital Markets group arranged the financing through two local banks. A timeline for construction was not disclosed.
COLUMBUS, OHIO — Olshan Properties, together with Easton’s master developer The Georgetown Co., has opened a 136-room Aloft Hotel at Easton Town Center in Columbus. The new hotel is the fourth to open at Easton, a shopping and entertainment destination, in recent years. The hotel features a 7,500-square-foot restaurant, a fitness center, pool and designated event space. The Aloft brand is a business boutique hotel concept from Marriott. There are 140 Aloft locations worldwide.
STEUBENVILLE, OHIO — Mohr Capital, a Dallas-based, privately held real estate investment firm, has sold a ground lease occupied by Texas Roadhouse in Steubenville, nearly 40 miles west of Pittsburgh. The sales price was undisclosed. The restaurant property is located across the street from Fort Steuben Mall. Mohr acquired the ground lease in 2019 upon the launch of its retail acquisition and redevelopment division. Rob Solls of Mohr represented the company on an internal basis. The Mansour Group procured the buyer, a private investment company. Texas Roadhouse maintains over 630 restaurants in 49 states and 10 countries worldwide. The Steubenville location is a corporate-owned restaurant.
CANTON, OHIO — The Cooper Commercial Investment Group has negotiated the $1 million sale of Pleasant View Commons in Canton, just south of Akron. The Aldi-anchored shopping center was 49 percent occupied at the time of sale. Dan Cooper and Bob Havasi of Cooper represented the seller, a private investment group based in Ohio. A private investor from Nevada purchased the asset.
RAVENNA, OHIO — Industrial Commercial Properties (ICP) has acquired a GE Lighting warehouse and distribution building spanning 420,500 square feet in Ravenna, about 15 miles east of Akron. The property sits on 37.5 acres at 150 Loomis Parkway. GE will remain in a portion of the building for a short period of time, but 150,000 square feet will be available for lease immediately, according to ICP. Building features include more than 30 docks, 100 trailer parking spots and rail service. ICP plans to make substantial upgrades to the property, including upgrades to both interior and exterior lighting, a modernized sprinkler system and pavement and interior renovations. Additionally, the developer has 12 acres contiguous to the property under contract. The land could support expansion of the building to 800,000 square feet. This transaction marks ICP’s eighth acquisition in 2021, bringing the company’s portfolio to more than 150 properties and 42 million square feet across five states.
