PCCP Provides $29.5M Acquisition Loan for Apartment/Office Property in Ohio

WORTHINGTON, OHIO — PCCP has provided a $29.5 million senior loan to a private, high-net-worth investor for the acquisition and lease-up of The Heights, a newly constructed two-building, Class A apartment complex in Worthington, a suburb of Columbus. The property includes 193 units and 23,320 square feet of office space. Located at 160 W. Wilson Bridge Road, the property includes one- and two-bedroom apartments. Unit amenities include washers and dryers, granite countertops, patios and balconies. The seller was Crawford Hoying, a local developer, who began construction of The Heights in September 2013. The smaller, 59-unit building was completed in September 2014 and the larger, 134-unit apartment building, which includes commercial space, is anticipated for completion this month. PCCP is a real estate finance and investment management firm.