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Ohio

Ryan Duling, senior managing director, Lucent
DevelopmentFinanceInvestment SalesMarket ReportsMidwestOhio

Why Columbus is a Hidden Gem

by Channing Hamilton

­Contrary to popular belief, not everyone seeking a better lifestyle moves to Atlanta or Houston. If you live in the Midwest, Columbus has become a prime destination, especially for young people.  The metro has a reputation for being more modern, cosmopolitan and affordable than its other Ohio peers like Cincinnati and Cleveland. U.S. News & World Report ranks Columbus among the top 30 “Most Fun Places to Live in the United States.”  Then it should come as no surprise that according to a new Bank of America report, Columbus tied with Austin …

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FinanceInvestment SalesMidwestNewsOhio

BWE Provides $14.5 Million Acquisition Loan for Affordable Page Tower in Cincinnati

by Channing Hamilton

CINCINNATI — BWE has provided a $14.5 million Fannie Mae loan for the acquisition of Page Tower, a 169-unit affordable housing complex in Cincinnati. BWE’s Victor Agusta originated the loan, which features a seven-year term, 24 months of interest-only payments and a 35-year amortization. The property includes a 100 percent Section 8 HAP contract for four years. Page Tower was constructed in 1971. The building rises 14 stories and offers amenities such as a community room, mail room and central laundry area. The property also includes 7,500 square feet of …

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Timber Creek Apartments in Niles, Ohio
Investment SalesMidwestNewsOhio

Friedman Real Estate Brokers Sale of Timber Creek Apartments in Niles, Ohio

by Channing Hamilton

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.

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Affordable HousingDevelopmentMidwestNewsOhio

The Community Builders Opens $46.4 Million Affordable Housing Community in Cleveland

by Channing Hamilton

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 …

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MidwestNewsOhioPeople News

KeyBank Real Estate Capital Appoints Dan Heberle as President

by Channing Hamilton

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 …

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FinanceIndianaMidwestNewsOhioSoutheastTennessee

United Church Homes Secures $11.5 Million in Financing for Four Properties

by Channing Hamilton

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 …

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Affordable HousingDevelopmentMidwestNewsOhio

The NRP Group Opens 52-Unit Affordable Housing Community in Cleveland, Ohio

by Channing Hamilton

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 …

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Affordable HousingDevelopmentLeasing & MarketingMidwestNewsOhio

NRP Group Opens $40 Million Affordable Housing Community in Columbus, Ohio

by Channing Hamilton

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 …

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Belle Oaks Marketplace in Richmond Heights, Ohio
DevelopmentMidwestNewsOhio

DealPoint Merrill Begins Demolishing Mall in Cleveland Suburb for $250 Million Belle Oaks Marketplace Project

by Channing Hamilton

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.

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The View on Grant in Columbus, Ohio
Investment SalesMidwestNewsOhio

Colliers Arranges $10.8 Million in Acquisition Financing for The View on Grant in Columbus, Ohio

by Channing Hamilton

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.

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