PNC Bank Secures $33M Loan for Cleveland-Area Community
The Hamptons Luxury, located in Beachwood, Ohio, is owned by a joint venture between Millennium Management and Forest City Enterprises.
Millennium Management has received a $33 million financing from PNC Bank for an Ohio community it owns and manages, according to real estate data provider Yardi Matrix. The Hamptons Luxury is a 651-unit multifamily property located in Beachwood, Ohio, which Millennium has been owning together with Forest City Enterprises. The four-building community was subject to another $40 million Freddie Mac loan secured in 2007.
The Hamptons is located at 27040 Cedar Road, around the corner from Legacy Village shopping mall, and offers a mix of studio- one- and two-bedroom units ranging between 341 and 1,200 square feet. Monthly rents start at $1,385. Studios are rented fully furnished at corporate rate. Residents have access to several high-end amenities which include:
- a Pilates studio
- fitness center
- dance studio
- an outdoor and indoor pool
- business center
- four laundry facilities
The property also encompasses 600 square feet of retail space occupied by a deli, a salon, a dry cleaner and an eyewear store. The Hamptons was completed in 1973 and was 98 percent occupied as of September.
PNC Bank, Pittsburgh’s largest bank, has also recently financed one of the largest multifamily transactions in Inland Empire.
Image courtesy of Yardi Matrix