CBRE Provides $14M for Historic Cincinnati Asset
The company closed the refinancing of The Reserve at 4th and Race, an 88-unit community in the CBD. Mark Tran, senior vice president of CBRE Columbus, originated the loan.
The Reserve at 4th and Race
CBRE Group, through its FHA lending platform, has provided a $13.6 million HUD loan for the refinancing of The Reserve at 4th and Race, an 88-unit mixed-use community in downtown Cincinnati. CBRE Capital Markets arranged the non-recourse loan through HUD’s FHA Section 223(a)(7) mortgage insurance program. Mark Tran of CBRE Columbus originated the 40-year, fixed-rate loan, which is fully amortized.
Located at 105 W. Fourth St. in the CBD, near Fountain Square and Duke Energy Convention Center, the 15-story luxury community is within walking distance of several hotels, restaurants, Aronoff Center for the Arts, Paul Brown Stadium and Great American Ball Park.
Employers such as Procter & Gamble, GE Aviation or Great American Insurance are also in close proximity. The Reserve at 4th and Race features 34 one-, 51 two- and three one-bedroom loft units. According to Yardi Matrix data, amenities include a fitness center, business center and clubhouse.
The Reserve at 4th and Race is a LEED- and Energy Star-certified building which used to serve as the home of the Federal Reserve Bank of Cleveland. In 2012, Ashley Commercial Group and Arcadia Communities converted the 1927-built asset to multifamily housing and office space (first five floors) through HUD’s FHA Section 221(d)(4) substantial rehabilitation program.
Image courtesy of Yardi Matrix
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