COLUMBUS, WILLOUGHBY OHIO — Hunt Mortgage Group has provided two Fannie Mae loans totaling $18.8 million to refinance two multifamily properties located in Ohio. The properties include: The Ridge at Taylor Station in Columbus — Hunt Mortgage Group provided a $6 million Fannie Mae loan facility to refinance the property. Perry-Sycamore LP sponsors the borrower. The borrower acquired Ridge at Taylor Station in 2000 and the loan features a 10-year term, 30-year amortization period and a 9.5-year yield maintenance period. Built in 1974, the property was renovated by the current owners in 2004 and 2015. The property is a 192-unit garden-style multifamily facility comprised of eight three-story residential buildings, plus a standalone leasing office. Property amenities include an outdoor picnic area, pool, playground and a basketball court. Fox Run Apartments in Willoughby — Hunt Mortgage Group provided a $12.8 million Fannie Mae loan to refinance the property, a 192-unit garden-style apartment complex. The property is comprised of 12 two-story apartment buildings. Friedman Properties Ltd., an Ohio limited liability company, is the borrower. The transaction is structured with a 10-year term with 9.5 years of yield maintenance and a 30-year amortization schedule. Fox Run Apartments was constructed between 1986 and 1997 …
MENTOR, OHIO — Marcus & Millichap has negotiated the sale of Holiday Inn Cleveland East-Mentor, a 132-room hotel, for $9.4 million. The hotel is located at 7701 Reynolds Road in Mentor. The full-service hotel opened as a Holiday Inn in 2013 and features 8,772 square feet of attached meeting space as well as an on-site restaurant and lounge. Alexandre Duong, an investment specialist in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a private investor. Duong also secured and represented the buyer, a limited liability company.
CLEVELAND — Forest City Realty Trust Inc. has sold Terminal Tower, a 597,000-square-foot office building in downtown Cleveland, to an affiliate of K&D Group for $38.5 million. The sale corresponds with Forest City’s decision earlier this year to explore new options for the location of its corporate offices, which have been housed at the Terminal Tower since 1997. The company is engaged in a search process, though no change is expected before the end of 2017. Opened as Cleveland Union Terminal in 1930, the Terminal Tower was the tallest building outside of New York City until 1964. Forest City acquired the building in 1983. In 2010, the company completed a four-year interior and exterior renovation of the tower. Included in the project were a restoration of the building’s observation deck and the installation of an exterior LED lighting system.
CLEVELAND — Forest City Realty Trust Inc. has closed on the sale of Terminal Tower, a nearly 600,000-square-foot office building in downtown Cleveland. After owning the building for more than 30 years, Forest City sold the asset to an affiliate of K&D Group for $38.5 million. Cleveland-based Forest City has housed its corporate offices at Terminal Tower since 1997, and the company is currently undergoing site selection for its new headquarters. Opened in 1930 as the Cleveland Union Terminal, the tower was the tallest building outside of New York until 1964. The office tower is now the centerpiece of the Tower City Center mixed-use development. Rico Pietro of Cushman & Wakefield | CRESCO Real Estate represented the buyer in the transaction.
HUBER HEIGHTS, OHIO — Miller-Valentine Group plans to develop WaterStone at Carriage Trails, a 192-unit apartment community at the intersection of I-70 and Route 201 within the Carriage Trails master-planned development in Huber Heights, about nine miles outside of Dayton. The apartment community will feature one-, two- and three-bedroom residences with rents starting from $911 for a one-bedroom unit, $1,100 for a two-bedroom unit and $1,165 for a three-bedroom unit. Unit interiors will feature wood-style flooring, private balconies and patios, kitchen islands, in-unit washers and dryers, quartz countertops, walk-in closets and stainless steel appliances. Community amenities will include a resort-style pool, 4,500-square-foot clubhouse, cyber café, coffee bar, billiards room, TV lounge, fitness center with yoga room, private dog park and rentable entertainment areas. The development team includes architect CR Architecture + Design, landscape architect POD Design, interior designer Mitsch Design, civil engineer American StructurePoint and general contractor Miller-Valentine Residential Construction.
MILFORD, OHIO — MCR Development, a hotel owner-operator, has completed the renovation of Homewood Suites by Hilton Cincinnati-Milford, a 76-room, select-service hotel located at 600 Chamber Drive in Milford. The newly remodeled hotel was updated as part of Hilton’s design initiative and multi-faceted brand enhancement program that focuses on updating dining and lounging areas, as well as introducing new brand standards. The hotel’s dining area now features new and modern furniture, flooring and lighting, and the business center was redesigned to create an inviting work space for guests. Additionally, the hotel now features an outdoor kitchen and lounge complete with a grilling area and comfortable seating.
COLUMBUS, OHIO — CBRE has been retained as the exclusive leasing agent for Huntington Center, located at 41 S. High St. in Columbus. The 37-story, 1 million-square-foot office tower features 27,000 square feet of retail space, a 1,000-car parking facility and a 29,650-square-foot athletic club. Brad McMahon and Don Roberts of CBRE will lease the building on behalf of Hines, which owns and manages the property. Hines plans to make significant upgrades to the property, including a new amenity package with a tenant lounge, rooftop patio and secure bike storage. Hartshorne Plunkard Architecture is designing the upgrades.
From Cleveland to Cincinnati, speculative Class A office development is on the rise in Ohio for the first time in at least five years. Primarily occurring in the suburbs, 3 to 4 million square feet of spec development is driven by a lack of office space as well as pent-up demand for new space with an urban feel that contains retail and multifamily components. Most spec office development reflects the demands of both Millennials and Baby Boomers. These significant population groups seek to locate in live-work-play neighborhoods that offer cool office and residential spaces, walkability and common green spaces. Because these components are important to Millennials — now the largest share of the American workforce — they have become important for companies in their efforts to recruit the best and the brightest. Quality talent is more of a factor than cost. In competing for talent, these companies must look for and include such office amenities as game rooms, outdoor patios and walking trails. Not only are the retail and residential components to an office project important, but companies are also expressing genuine interest in branding, signage opportunities, naming rights and modern amenities. Cost of financing guides developers in Cleveland While downtown …
STRONGSVILLE, OHIO — Meridian Design Build has started construction on a speculative flex building at 14700 Foltz Parkway in Strongsville. Situated on 21.8 acres, the multi-tenant building will feature 28 loading docks, two drive-in doors and 164 auto parking stalls. Additionally, the design of the building includes a thermoplastic polyolefin roof and LED lighting. The site also includes space for a future 195,137-square-foot building. The project developer is Scannell Properties. Precept Design is providing architectural services and Weber Engineering Services is providing civil engineering work.
CINCINNATI — KeyBank has provided a $3.9 million construction loan for the Sheakley Center for Youth in Cincinnati. The property will consist of a shelter unit and a housing unit. The shelter unit will contain 27,708 square feet of commercial space, including a day shelter, a 28-bed night shelter and street outreach offices and social services rooms, while the housing unit will include 39 studio and one-bedroom apartments. Greg Kiger of KeyBank’s Community Development Lending and Investment team arranged the financing for the undisclosed borrower.