Office-to-Multifamily Conversion Lands $45M Funding
The redevelopment will offer 129 apartments and 97 townhomes near Cincinnati.
Trinity Square Holdings LLC received $37.3 million in construction financing from Trez Capital to redevelop two recently acquired office buildings into a multifamily property in Springdale, Ohio. The Warren County Port Authority is also investing approximately $8 million into the project, which is set to encompass 129 apartments and 97 townhomes.
Located at 134 and 144 Merchant St., the office buildings were originally constructed on 10.9 acres during the early 1980s and were vacant when Trinity Square Holdings purchased them.
The planned community will be some 16 miles north of downtown Cincinnati. Tri-Country Mall will be less than 1 mile north, while several other dining, retail and entertainment centers will be available within a 1-mile radius. Bethesda North Hospital will be 10 miles east of the community.
As older office buildings are becoming outdated, office-to-multifamily redevelopments will be more common, said Brett Forman, executive managing director of Eastern U.S. at Trez Capital, in prepared remarks.
Forman and Vice President Scott Mehlman formed the Trez Capital team that secured the loan for Trinity Square Holdings.