Ohio

Warner-Swasey-Cleveland
Affordable HousingDevelopmentMidwestNewsOhio

Pennrose Breaks Ground on $64M Adaptive Reuse Project in Cleveland

by Lynn Peisner

CLEVELAND — Pennrose and nonprofit partner MidTown Cleveland have broken ground on the $64 million redevelopment of the former Warner & Swasey factory in Cleveland. In October 2025, Pennrose acquired the building at 5701 Carnegie Ave. from the City of Cleveland. The development team, working on this project since 2017, drew on 24 capital sources to bring the plans to fruition, including contributions from the City of Cleveland, Cuyahoga County and the Cleveland Foundation, among other public and private partners. Constructed in the early 1900s, the 194,000 square-foot, five story …

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Affordable HousingDevelopmentFinanceMidwestOhio

Lument Secures $28M HUD Loan for Ohio Affordable Housing Redevelopment

by Lynn Peisner

LORAIN, OHIO — Lument has secured a $28 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) loan to assist TFG Housing Resources and Raise Up with the rehabilitation of Western Horizon. Upon completion of the redevelopment, all 353 units of the affordable housing community in Lorain will be offered at rents capped at 60 percent of area median income. Lument’s Joey Hague led the transaction. TFG Housing Resources is a Columbus, Ohio-based real estate developer focused on the new construction and rehabilitation of affordable housing properties. …

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Affordable HousingDevelopmentMidwestNewsOhio

City of Cleveland and Partners Open Woodhill Station East

by Lynn Peisner

CLEVELAND — The City of Cleveland, Cuyahoga Metropolitan Housing Authority and The Community Builders have opened Woodhill Station East in Cleveland. The 64-unit development marks the third phase of the Buckeye-Woodhill Choice Transformation, the formal name given to a multi-phase effort to redevelop the former Woodhill Homes public housing site into new mixed-income housing with neighborhood amenities. Woodhill Station East’s affordable units are offered at 30 or 80 percent of area median income, and some units are rented at market rates. Amenities at Woodhill Station East include a community room, …

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Belle-Oaks-Ohio
DevelopmentFinanceMidwestNewsOhio

DealPoint Merrill Secures $55M for First Phase of Mall Redevelopment in Metro Cleveland

by Lynn Peisner

RICHMOND HEIGHTS, OHIO — DealPoint Merrill has secured a $55 million construction loan for Phase I of Belle Oaks Marketplace in Richmond Heights, about 14 miles east of Cleveland. The Walker & Dunlop Capital Markets Real Estate Finance team led by Ryan Parker arranged a floating-rate, interest-only construction loan provided by Genesis Capital. The financing will be used for construction of Phase I of DealPoint Merrill’s redevelopment of the former Richmond Town Square Mall. This first phase includes 181 multifamily units across two buildings. Upon full completion, Belle Oaks Marketplace …

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Lock-Pointe-Columbus
Build-to-RentDevelopmentMidwestNewsOhio

Stark Enterprises to Break Ground on Lock Pointe Village in Ohio

by Lynn Peisner

CANAL WINCHESTER, OHIO — Stark Enterprises, a Cleveland-based developer, has announced Lock Pointe Village, a 120-unit build-to-rent community in Canal Winchester, about 18 miles southwest of Columbus, Ohio. Stark has acquired land at 6700 Nathan Drive, secured financing and is planning to break ground later this spring. The development will be comprised of 37 buildings. Units will feature private driveways and attached two-car garages. Amenities include a fitness center, sports court and a dog park. Completion is slated for 2027.

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Sankofa-Village-Cleveland
Affordable HousingDevelopmentMidwestNewsOhio

Pennrose and Partners Complete Final Phase of $115M Affordable Housing Redevelopment

by Lynn Peisner

CLEVELAND — Cuyahoga Metropolitan Housing Authority (CMHA), The City of Cleveland, Pennrose, Falbo Group and project partners have opened Sankofa Village IV. With the opening of this 50-unit affordable housing community, the $115 million, 236-unit Cedar Extension Transformation Plan in the Central neighborhood of Cleveland is complete. The overall project was a redevelopment of the 17-acre former Cedar Extension site, which was a public housing area built in the 1950s. Phase IV included one, two- and three-bedroom floor plans in a mix of townhouse and apartment units available at 30 …

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Mansions-at-Riverside-Tulsa
Company NewsInvestment SalesKentuckyMidwestNewsNortheastOhioOklahomaSoutheast

Morgan Properties Buys Dream Residential REIT for $345 Million

by Lynn Peisner

CONSHOHOCKEN, PA. — Morgan Properties has acquired Dream Residential Real Estate Investment Trust, a public Canadian REIT, for $345 million. Acquisition of the Toronto-based REIT included 15 properties now privately owned by Conshohocken-based Morgan Properties. The properties comprise 3,300 units in metro areas throughout Texas, Ohio, Kentucky and Oklahoma. Morgan will invest $58 million in interior and exterior enhancements and amenity upgrades in the 15 communities, which were developed between 1968 and 2002. In 2025, Morgan has completed $1.5 billion in acquisitions, comprising approximately 14,000 units and 80 properties. TD …

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The-Aries-Columbus
Affordable HousingDevelopmentFinanceMidwestNewsOhio

Merchants Capital Secures $152.3 Million for Affordable Housing Development in Suburban Columbus, Ohio

by Lynn Peisner

WHITEHALL, OHIO — Merchants Capital has secured $152.3 million in financing for the construction of The Aries Lofts, a 315-unit affordable housing community LDG Development is building in Whitehall, located about 8 miles east of downtown Columbus, Ohio. The financing package includes a $42.7 million Freddie Mac permanent loan, a $60 million tax-exempt construction loan, an $8 million equity bridge loan provided by Merchants Bank and $41.6 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Upon completion, which is estimated to be 2027, The Aries Lofts will offer …

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Affordable HousingDevelopmentMidwestNewsOhio

The NRP Group Opens The Lofton in Columbus

by Lynn Peisner

COLUMBUS, OHIO — The NRP Group has completed and opened The Lofton, a 245-unit affordable housing community in the South High neighborhood of Columbus. Developed in partnership with the City of Columbus and a nonprofit group called Community Development for All People, the property’s units are reserved for households earning incomes ranging from 30 to 80 percent of area median income. The Lofton features a mix of one- to four-bedroom residences and a 3,500-square-foot ground-floor commercial space that will house a daycare operator. Amenities include a fitness center, a community …

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The-Meadowlands-Madison
Affordable HousingColoradoGeorgiaMarylandMidwestNew YorkNewsNortheastOhioOperationsSouth CarolinaSoutheastTexasVirginiaWesternWisconsin

WinnResidential Tapped to Manage 28-Property Affordable Housing Portfolio

by Lynn Peisner

INDIANAPOLIS — WinnResidential has been retained by KCG Cos. to operate 28 of the Indianapolis-based developer’s properties. Winn assumed leadership of operations and property management of 4,147 units in July and is expected to be selected to manage future communities over the coming year. KCG-owned workforce and affordable housing communities are located in Colorado, Georgia, Maryland, New York, Ohio, South Carolina, Texas, Virginia and Wisconsin. The company’s portfolio is comprised of approximately 34 communities. WinnResidential is the property management division of Boston-based WinnCompanies.

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