Thrive Cos. Lands $166M in Refis for Columbus Communities

Affinius Capital provided debt to the properties.

A view of an oval swimming pools with apartments with balconies on either side. The Columbus skyline is visible in the background.

The Sage, one of the Columbus, Ohio, properties that was refinanced. Image courtesy of Thrive Cos.

Thrive Cos. has landed a trio of refinancing loans for three recently completed communities located near downtown Columbus, Ohio. Affiinius Capital provided $165.7 million in financing for the communities, The Thomas at Grandview Crossing, The Sage at Jeffrey Park and Tillmore at Quarry Trails.

Thomas at Grandview Crossing splits its 310 units into one-, two- and three-bedroom floorplans across its four buildings. The apartment community is part of the overall 55-acre Grandview Crossing mixed-use development, which began construction in 2020. Residents have access to a fitness center, lounge areas and an outdoor living area with grills, hammocks and televisions. According to Yardi Matrix data, the community is 37.4 percent occupied.

The Sage at Jeffrey Park also has 310 units, offering one- and two-bedroom floorplans alongside a fitness center, gaming room, sauna, coffee shop, bar, community center and coworking space. The property also features two pools and bicycle storage. This community is also part of a mixed-use development, Jeffrey Park, which spans 41 acres and is zoned to accommodate approximately 1,500 residential units. According to Yardi Matrix data, The Sage at Jeffrey Park is 44.5 percent occupied.

The nine-building Tillmore at Quarry Trails has 293 units in one- and two-bedroom floorplans, while also offering residents a pool, fitness center, business center and clubhouse. Like the two other communities, The Tillmore at Quarry Trails is part of the larger 180-acre Quarry Trails park, which offers a mountain bike course, lake, bike trails and other recreational spaces.

Redeveloping underused sites

Columbus has been seeing an uptick in multifamily development, adding much-needed housing stock. One recent example is the 60-unit, fully-affordable Lockbourne Greene community in the city’s South Side neighborhood.

Columbus-based Thrive has been working with the U.S. Environmental Protection Agency to remediate more brownfields sites and neglected parcels than any other developer in the state. Thrive previously redeveloped an 18-acre polluted industrial site, formerly a margarine and soybean oil processing plant, into a high-quality housing development called Harrison Park.