TSB Capital Advisors Arranges Financing for Cleveland Development

Apart from the three-bank loan, the project also received funding from state and local authorities.
Image via Pixabay
Image via Pixabay

TSB Capital Advisors has arranged construction financing for INTRO, a 298-unit development in Cleveland. The firm secured the loan on behalf of Harbor Bay Real Estate Advisors. The financing was originated by First National Bank of Omaha, First National Bank of Pennsylvania and Busey Bank. The project also received $10.8 million from the Ohio Development Services Agency and a $2 million loan from the City of Cleveland.

In February, TSB worked with Walker & Dunlop to secure acquisition financing for a 2,289-bed student housing community in Davis, Calif.

Scheduled for completion in 2022, INTRO will also include approximately 40,000 square feet of retail and 340 parking spaces. The nine-story building will primarily be constructed with mass timber, a renewable building material.

Located in Cleveland’s Ohio City neighborhood, the property is within walking distance of train and subway stations. Downtown Cleveland is 2 miles from the development. The project is also 3 miles from Burke Lakefront Airport.