Ohio

Rubenstein Partners Sells Seven-Building Office Portfolio Near Cleveland for $30M

by Christina Cannon January 11, 2016

FAIRLAWN, OHIO — Rubenstein Partners LP, along with an affiliate of Mark Munsell, has sold a seven-building office portfolio in Fairlawn, approximately 30 miles south of Cleveland, for $30 million. Embassy Park Akron LP, an affiliate of Group RMC, acquired the Class A portfolio. The properties are known collectively as the Embassy Parkway Portfolio. John Dellagnese & Associates built the seven assets, which total 400,000 square feet. The portfolio was approximately 80 percent occupied at the time of sale. Russell Rogers and Thomas Gustafson of Colliers International brokered the deal. Colliers International also brokered the transaction in 2012 when Rubenstein Partners acquired the portfolio.

January 11, 2016

Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Arranges $43.6M in Bond Financing for Construction of Seniors Housing Facility in Ohio

by Christina Cannon January 8, 2016

NEW ALBANY, OHIO — Lancaster Pollard has arranged $43.6 million in bond financing for the construction of Wesley Woods, a new continuing care retirement community in the Columbus suburb of New Albany. The recipient of the proceeds is Methodist ElderCare Services, an affiliate of the West Ohio Conference of the United Methodist Church that provides housing, healthcare and services to seniors in central Ohio. Wesley Woods will be located on 37.8 acres alongside a nature preserve. The size of the community and number of units were not disclosed. The bond financing will also be used to add a wellness center to Wesley Ridge, another Methodist ElderCare development in Ohio that offers assisted living and independent living. In addition to providing new funds for the construction projects, the debt structure will refinance Methodist ElderCare’s existing 2005, 2010 and 2011 tax-exempt bonds. The Series 2015A and Series 2015B bonds were privately placed with two regional banks. The first 50 percent of entry fee receipts are earmarked and estimated to pay down the Series 2015B bonds of $6 million over a four-year period. Kass Matt led the transaction for Lancaster Pollard.

January 8, 2016

Midwest Ohio

Institutional Property Advisors Arranges $27.7M Sale of Two Retail Properties in Northeast Ohio

by Christina Cannon January 5, 2016

AMHERST AND SHEFFIELD VILLAGE, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a two-property retail portfolio in Northeast Ohio for $27.7 million, which equates to $143 per square foot. The portfolio is comprised of Amherst Marketplace and Sheffield Crossing. Amherst Marketplace, located at 2201 Kresge Drive in Amherst, includes tenants such as Giant Eagle, Monster Tan and Best Cuts. Sheffield Crossing tenants include Giant Eagle, Cracker Barrel, SVS Vision Holding, Arby’s Verizon Wireless and BP Exploration & Oil. The property is located at 5231 Detroit Road in Sheffield Village. Craig Fuller, Scott Wiles and Erin Patton of IPA, along with Seth Richard and Laurie Ann Drinkwater of Marcus & Millichap, represented the seller and procured the buyer, who were both undisclosed.

January 5, 2016

Illinois Midwest Ohio Retail

Phillips Edison Grocery Center REIT Buys Three Shopping Centers Throughout Ohio, Illinois

by Christina Cannon December 24, 2015

CINCINNATI — Cincinnati-based Phillips Edison Grocery Center REIT II Inc. has acquired three grocery-anchored shopping centers throughout Ohio and Illinois for an undisclosed price. Amherst Marketplace, anchored by Giant Eagle, is a 79,945-square-foot retail facility located in Amherst, Ohio, approximately 34 miles east of downtown Cleveland. Other tenants at the center include Get Go Gas, Monster Tan and Best Cuts. Sheffield Crossing is an 113,688-square-foot shopping center that is also anchored by Giant Eagle. The property is located in Sheffield Village, Ohio, approximately 25 miles east of downtown Cleveland. Tenants at Sheffield Crossing include Edward Jones, Great Clips, Weight Watchers and Verizon Wireless. The Shoppes at Windmill Place is located in Batavia, Ill., approximately 43 miles west of Chicago and is a 122,176-square-foot retail property. Jewel Osco anchors the center, and other tenants include Dunkin Donuts, Mattress Firm, Zano Salon, Hair Cuttery, Subway, Hallmark and GNC.

December 24, 2015

Loans Midwest Multifamily Ohio

Dougherty Mortgage Originates $11M Fannie Mae Acquisition Loan for Apartment Property in Columbus

by Christina Cannon December 23, 2015

COLUMBUS, OHIO — Dougherty Mortgage LLC has closed on an $11 million Fannie Mae acquisition loan for a multifamily property in Columbus. Parkview Apartments is a 216-unit market rate apartment property. Unit amenities include walk-in closets, fully equipped kitchens and washer and dryer connections. A partnership between Old Capital Lending and Dougherty arranged the 10-year term, 30-year amortization loan for Wolfe Diamond Loch LLC.

December 23, 2015

Midwest Multifamily Ohio

Pillar Originates $11.8M Fannie Mae Loan for Multifamily Property in Cleveland

by Christina Cannon December 17, 2015

CLEVELAND — Pillar has originated an $11.8 million Fannie Mae loan for a multifamily property in Cleveland. Mariner’s Watch is a Class A property that was built in 2014. The 62-unit, four-story building includes 33 one-bedroom units and 29 two-bedroom units. The property also features an indoor parking garage and is 100 percent leased. Joe Markech and Brooke Jackson of Pillar originated the fixed-rate, 10-year loan that two-years of interest-only payments to refinance the original construction loan followed by a 30-year amortization schedule. The undisclosed borrower is a local multifamily property owner and operator. The Mariner’s Watch property has obtained a Energy Star certification for energy efficiency.

December 17, 2015

Loans Midwest Multifamily Ohio

NorthMarq Arranges $1.4M in Acquisition Financing for Multifamily Property in Cincinnati

by Christina Cannon December 15, 2015

CINCINNATI — NorthMarq Capital has arranged $1.4 million in acquisition financing for the buyer of a 72-unit multifamily property in Cincinnati. Williamstown Apartments is located at 5500 Glengate Lane. The five-year loan includes 18 months of interest-only payments followed by a 25-year amortization schedule. Noah Juran of NorthMarq originated the loan for the undisclosed out-of-state borrower through a local bank.

December 15, 2015

Midwest Ohio Retail

Cooper Commercial Arranges $2.3M Sale of 116,843 SF Retail Center In Akron, Ohio

by Christina Cannon December 14, 2015

AKRON, OHIO — The Cooper Commercial Investment Group has arranged the $2.3 million sale of Chapel Hill Crossing, a 116,843-square-foot retail center in Akron. Tenants at Chapel Hill Crossing, located about 40 miles south of Cleveland, include Gold’s Gym and Roses Discount Store. Bob Havasi and Dan Cooper of Copper Commercial represented the seller in the transaction, a large institutional group based in Tennessee. The undisclosed private investment buyer is based in Texas.

December 14, 2015

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $7.4M Bridge Loan for Acquisition of Affordable Housing Property in Cleveland

by Christina Cannon December 10, 2015

CLEVELAND — KeyBank Real Estate Capital has provided a $7.4 million bridge loan for the acquisition for a multifamily property in Cleveland. The Community Builders Inc. is the borrower. Commodore Place Apartments is a 198-unit, mixed-income apartment complex that was built in 1924. The property is located in the University Circle neighborhood of Cleveland. Kelly Frank of KeyBank Real Estate Capital arranged the financing.

December 10, 2015

Loans Midwest Ohio

Cohen Financial Arranges $14.5M Bridge Loan for Parking Structure in Cleveland

by Christina Cannon December 9, 2015

CLEVELAND — Cohen Financial has arranged a $14.5 million bridge loan for a parking structure in Cleveland. Huntington Garage is a 1,100-stall structure that is located at 999 Chester Ave. in downtown Cleveland. Dan Rosenberg of Cohen Financial secured the bridge loan with Prime Finance Partners for the undisclosed borrower.

December 9, 2015

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