CINCINNATI, OHIO — Colliers Mortgage has closed a Fannie Mae loan to refinance a portfolio of three properties in Cincinnati, Ohio. The portfolio consists of: Jadaro (54 units); Werk (18 units); and Broadwell (16 units). All three communities have undergone extensive unit renovations and exterior and interior refurbishments since 2021. Zach Shope of Colliers Mortgage’s Atlanta office arranged the financing. The loan carries a 10-year term.
COLUMBUS, OHIO — CASTO has begun the development of Westrich, a $70 million project in the Franklinton neighborhood of Columbus. Westrich is an expansion of the adjacent River & Rich apartment community, but will be marketed as a separate entity. Once completed, the community will comprise 234 apartment units. Westrich will comprise a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of ground-floor commercial spaces. The majority of units at the property will be reserved for tenants earning below 100 percent of …
GRANDVIEW HEIGHTS, OHIO — Nationwide Realty Investors has unveiled plans to build Parkline, a $100 million project located at the Grandview Yard mixed-use development in the Columbus suburb of Grandview Heights. Construction on the community is slated to begin late this year, with delivery slated for 2026. Once completed, Parkline will comprise 385 apartments. The community is designed in an “s-shaped” configuration in order to maximize views of the park and courtyards. The property will also feature first-floor amenities, commercial space and an adjacent parking structure, bringing the neighborhood total …
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 …
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 …
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 …