Ohio

KeyBank Provides $26.4M Acquisition Financing for Hotel Portfolio in Cleveland, Chicago

by Kristin Harlow December 11, 2018

CLEVELAND AND CHICAGO — KeyBank Real Estate Capital has provided a $26.4 million CMBS loan for the acquisition of a portfolio of Extended Stay America hotels in suburban areas of Cleveland and Chicago. The portfolio is comprised of 14 hotels, built in the late 1990s and early 2000s, totaling 1,386 rooms. Jake Proctor of KeyBank originated the nonrecourse, fixed-rate financing with a five-year term, three-year interest only period and 30-year amortization schedule. Singerman Real Estate was the borrower. The portfolio also includes hotels in Columbus, Ga.

December 11, 2018

Development Midwest Ohio Retail

Construction Underway for Easton Town Center’s $500M Expansion in Columbus

by Kristin Harlow December 7, 2018

COLUMBUS, OHIO — Easton Town Center is undergoing a significant expansion that will feature local and national retailers, breweries, restaurants, entertainment venues, hotels and public event space. The expansion will exceed $500 million of development over the next four years. The Georgetown Company is co-developing the project alongside Steiner + Associates and L Brands. Construction is already underway on infrastructure, parking, Merchants Row, The Yard and Urban Hearth. The Yard will serve as a public green space for live music and entertainment. Urban Hearth is an industrial building that has been architecturally deconstructed to create a social space with breweries and restaurants. A Restoration Hardware gallery will anchor the expansion. The three-story, 40,000-square-foot building is expected to open in 2019. Easton Town Center is a 1,300-acre mixed-use development in northeast Columbus.

December 7, 2018

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $87M for Revitalization of Two Affordable Housing Developments in Cincinnati

by Kristin Harlow December 5, 2018

CINCINNATI — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $87 million for the acquisition and revitalization of two affordable housing developments in Cincinnati. Avondale Properties is a Section 8 development that includes Burton Apartments, Entowne Manor, Founders Home and Georgia Morris, containing a total of 209 units that are scattered along a main thoroughfare in the Avondale neighborhood. Alms Hill Apartments is a single building that contains 200 affordable units. Both properties are more than 40 years old.The borrower, Related Cos., plans to keep all 409 units as affordable for families earning up to 60 percent of the area median income. Between the two developments KeyBank provided $21 million in low-income housing tax credit equity, $38 million in construction financing and $28 million in Fannie Mae financing. The Ohio Housing Finance Agency issued the tax-exempt bonds. KeyBanc Capital Markets underwrote the publicly offered tax-exempt bonds. Victoria O’Brien, Kyle Kolesar, Dirk Falardeau and Sam Adams of KeyBanc Capital Markets arranged the financing.

December 5, 2018

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $16M Sale of Regional Power Center in Ohio

by Kristin Harlow December 5, 2018

WADSWORTH, OHIO — Marcus & Millichap has brokered the $16 million sale of Wadsworth Crossings, a 118,145-square-foot regional power center in Wadsworth, about 40 miles south of Cleveland. The property, located at 1183 Williams Reserve Blvd., includes tenants such as Planet Fitness, OfficeMax, Petco, Beef O’Brady’s, Kay Jewelers, Fresenius Kidney Care and Huntington Bank. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, Brixmor, a publicly traded REIT. The team also represented the private Texas-based buyer. Not included in the sale was anchor tenants Target, Lowe’s and Kohl’s.

December 5, 2018

Acquisitions Industrial Midwest Ohio

Granite Company Purchases 27,186 SF Industrial Property in Dayton, Ohio

by Kristin Harlow December 4, 2018

DAYTON, OHIO — Dark Star Marble & Granite has purchased a 27,186-square-foot industrial property located at 2425 Stanley Ave. in Dayton. The purchase price was not disclosed. The property features a 19,486-square-foot warehouse and a 7,700-square-foot office and showroom space. Dark Star will relocate from 1353 Stanley Ave., a 7,200-square-foot facility. Beau Nimer of CBRE represented Dark Star. The previous company that occupied the facility, Mees Distributing, dissolved.

December 4, 2018

Acquisitions Hospitality Midwest Ohio

AWH Partners, Opterra Capital Acquire 321-Room Hotel in Cincinnati

by Kristin Harlow December 3, 2018

CINCINNATI — AWH Partners LLC and Opterra Capital LLC have acquired the Cincinnati Marriott at RiverCenter for an undisclosed price. The 321-room hotel is connected to the Northern Kentucky Convention Center and includes 30 event rooms. Amenities include a fitness center, indoor pool and the 10 West restaurant. Spire Hospitality manages the hotel.

December 3, 2018

Development Industrial Midwest Ohio

Kroger, Ocado Select Site for First Customer Fulfillment Center in Metro Cincinnati

by Kristin Harlow November 26, 2018

MONROE, OHIO — The Kroger Co. and Ocado, an online grocery retailer, have selected Monroe, Ohio, for the partnership’s first customer fulfillment center in the U.S. Subject to securing state and local incentives, Kroger’s first customer fulfillment center will consist of an automated warehouse facility with digital and robotic capabilities. Kroger is investing $55 million to build the first facility, which will span 335,000 square feet and is expected to generate more than 410 jobs. The company plans to open 20 such developments.

November 26, 2018

Loans Midwest Multifamily Ohio

KeyBank Provides $15.5M in Development Financing for Mixed-Income Property in Cleveland

by Kristin Harlow November 26, 2018

CLEVELAND — KeyBank Community Development Lending & Investment has provided $15.5 million for the development of Glenville Circle North in Cleveland. KeyBank provided $5 million in New Market Tax Credit (NMTC) equity in addition to a $10 million leverage loan and a $456,000 project loan. Cleveland Development Advisors and Enterprise Community Investments supplied the NMTC allocation. Glenville Circle North will offer 63 mixed-income units as well as 13,950 square feet of retail and commercial space. Sixteen of the units will be set aside as affordable housing, while the remaining units will be rented at market rate. The Cleveland Citywide Development Corp. plans to lease approximately 4,275 square feet of the commercial space to minority-owned startups at little or no fixed rent to help spur additional investment in the surrounding community. The developer, The Finch Group, will use the remaining 9,675 square feet to launch an “accelerator” space for small business incubation. Kyle Kolesar and Ryan Olman of KeyBank originated the financing.

November 26, 2018

Acquisitions Industrial Midwest Ohio

IPB Negotiates Sale of 56,710 SF Industrial Facility in Fort Loramie, Ohio

by Kristin Harlow November 19, 2018

FORT LORAMIE, OHIO — Industrial Property Brokers (IPB) has negotiated the sale of a 56,710-square-foot industrial facility in Fort Loramie in western Ohio. The sales price was not disclosed. The buyer, St. Marys Iron Works, plans to begin occupying the facility in the spring of 2019 and will relocate from St. Marys. The property includes 2,850 square feet of office space, four drive-in doors and five docks. The building formerly served as the Marwill manufacturing plant. Tim Echemann of IPB represented the Ohio-based seller.

November 19, 2018

Hospitality Loans Midwest Ohio

CHC Arranges $14.7M Refinancing for Embassy Suites Hotel in Columbus

by Kristin Harlow November 16, 2018

COLUMBUS, OHIO — Cronheim Hotel Capital (CHC) has arranged a $14.7 million loan for the refinancing of an Embassy Suites hotel property in Columbus. A national lender provided the loan, which features a locked rate of 4.44 percent, a 10-year term and a 30-year amortization schedule. Kana Hotel Group, the borrower, acquired the 224-room property in 2015 and extensively renovated it.

November 16, 2018

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