Kaufman Development Lands $60M for Columbus Adaptive Reuse
The project is set for completion in March 2024.
Green|House. Image courtesy of Walker & Dunlop
Walker & Dunlop has provided a $60 million capital stack package to Kaufman Development for an adaptive reuse project slated to bring to market Green|House, a 158-unit community in Columbus, Ohio. The financing includes a loan with a regional bank and equity from a national insurance company. Green|House is slated for completion in March 2024 with preleasing to begin in the summer of 2023, according to Columbus Underground.
Located at 30 Price Ave., in the Short North Arts District, Green|House is only 2 miles from downtown Columbus and south of Ohio State University, with Goodale Park nearby. A variety of dining and retail options are available along High Street.
The seven-story project also encompasses 3,700 square feet of retail space. Amenities are set to include a fitness center, an outdoor pool, a spa, two treatment rooms, a sauna, an outdoor kitchen and fireplaces.
Walker & Dunlop Managing Directors Jeffrey Morris and Chad Kiner, alongside Senior Director A.J. Mangan, secured the financing for Green|House.
Albeit lagging national averages, most Columbus multifamily fundamentals continued to improve going into 2022. This came on the heels of a strong year for deliveries, with nearly 6,000 apartments coming online across the metro in 2021, according to a recent Yardi Matrix report.
