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.
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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