NILES, OHIO — Friedman Real Estate has brokered the sale of Timber Creek Apartments, a 305-unit community located at 1223 North Road in the Youngstown, Ohio suburb of Niles. CREG Property VIII LLC purchased the asset from Orem Timber Creek II LLC for $11.5 million. Peter Jankowski, Rich Deptula and Chris Weir represented both the buyer and the seller in the deal.
CLEVELAND — The Community Builders has opened Woodhill Station West, a 46.4 million affordable housing project in the Buckeye-Woodhill neighborhood of Cleveland. Woodhill Station West offers 120 units, as well as 4,520 square feet of community space. Woodhill Station West is Phase I of the Woodhill Homes redevelopment. The redevelopment, which will occur in six phases, will include approximately 638 homes and public amenities such as outdoor gathering spaces, recreational fields and playgrounds. Woodhill Station West includes 90 replacement homes for existing Woodhill residents. In 2021, HUD awarded a $35 …
CLEVELAND, OHIO — Cleveland-based KeyBank Real Estate Capital has promoted Dan Heberle to the role of president. Heberle will oversee KeyBank Real Estate Capital’s real estate finance and community development and investment businesses. He will report to Randy Paine, President of Key Institutional Bank. Heberle joined KeyBank in 1998 as a relationship manager with KeyBank’s REIT Group. He most recently served as the head of KeyBank’s Institutional Capital Group. Heberle received a bachelor’s degree in finance from The Pennsylvania State University. He also studied economics, money and banking at the …
MARION, OHIO — United Church Homes, a Marion-based non-profit organization that specializes in developing affordable and mixed-income communities, has secured $11.5 million to refinance four properties in Ohio, Indiana and Tennessee. Lument provided the financing. Lument’s Paul Weissman and Andy Nicoll led the transactions. The four refinanced loans were completed under the FHA Section 223(f) program and closed between May and September. The financing includes: $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit complex in Fort Wayne, Indiana; $2.3 million …
CLEVELAND, OHIO — The NRP Group has opened The Davis Apartments, a 52-unit affordable housing in Cleveland’s Glenville neighborhood. Ohio Finance Housing Agency, RiverHills Bank and PNC Bank provided funding for the community’s development. The Davis Apartments was built on the site of the former Harry E. Davis Elementary School, which had been vacant since 2006. The property is named after Harry E. Davis, a Cleveland native who served four consecutive terms in the Ohio State House before becoming the first African American member of the Cleveland Civil Service Commission …
COLUMBUS, OHIO — The NRP Group has opened The Sinclair Apartment Homes, a $40 million affordable housing community in Columbus. The Columbus Metropolitan Housing Authority helped fund the project’s development by issuing $27.7 million in tax-exempt and taxable bonds. Tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank also helped fund the transit-oriented project. The Sinclair Apartment Homes is affordable to households earning between 30 and 80 percent of the area median income. The community consists of three four-story buildings with one, two-, three- and four-bedroom …
RICHMOND HEIGHTS, OHIO — DealPoint Merill has begun demolishing the historic Richmond Town Square Mall in the Cleveland suburb of Richmond Heights. The mall, which was built in 1966 on 71 acres, will be redeveloped into a mixed-use project called Belle Oaks Marketplace. Once completed, Belle Oaks Marketplace will comprise 40,000 square feet of dining options, 315,000 square feet of retail space, an outdoor entertainment venue and a 791-unit community. The total cost of the project’s development is expected to be $250 million.
COLUMBUS, OHIO — Colliers Mortgage has negotiated a $10.8 million in acquisition financing for The View on Grant in Columbus. Zach Shope of the Colliers Mortgage Atlanta office arranged the loan through Fannie Mae on behalf of an undisclosed buyer. The View on Grant is the adaptive reuse of a former five-story steel pressing factory. The community include 86 units, as well as a public café and a 43-space automatic stacked parking garage.
WHITEHALL, OHIO — Woda Cooper Cos. and IMPACT Community Action have broken ground on The Enclave on Main, a 102-unit affordable housing community in Whitehall. The Enclave on Main will be affordable to tenants earning between 30 and 80 percent of the area median income. Units will come in one-, two- and three-bedroom layouts, with several units adapted for those with mobility challenges or sight and hearing disabilities. Amenities include a community room with kitchenette and management office for an onsite community manager. The Ohio Housing Finance Agency (OHFA) provided …
CLEVELAND — SomeraRoad Inc. has acquired $38.5 million in construction financing, in addition to Co-GP equity, for the development of Residences at Bolivar in downtown Cleveland. Leon McBroom, David Gaines, Lucas Borges and Will Haass of JLL Capital Markets represented the borrower. JLL arranged the loan through a Midwestern regional bank and also secured Co-GP equity investment with LCI Development Partners, an affiliate of Leopardo Companies, who is acting as the General Contractor on the project. Residences at Bolivar will include 184 rental units, as well as 2,611 square feet of …
