TSB Capital Advisors, a real estate finance advisory firm, has arranged financing for a new mixed-use mass timber development in Ohio, US.
The development, dubbed INTRO, Cleveland, will feature 298 market-rate apartments, approximately 40,000 ft² of retail and 340 parking spaces.
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The nine-storey building, which will primarily be constructed using with mass timber, is situated in Cleveland’s Ohio City neighbourhood and across the street from the West Side Market.
INTRO is claimed to offer its residents easy access to major attractions located in the region.
Besides its prime location, the development includes a modern design that delivers both luxury living and environmental sustainability.
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The three-bank senior construction financing was arranged by TSB Capital Advisors on behalf of Harbor Bay Real Estate Advisors.
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By GlobalDataFirst National Bank of Omaha leads the senior financing. First National Bank of Pennsylvania and Busey Bank also participated in the financing.
Harbor Bay Real Estate Advisors CEO Mark Bell said: “We’re ecstatic to be able to close financing in such challenging economic conditions on a project that’s been years in the making.
“Launching our INTRO brand of timber-framed buildings here in the Ohio City neighbourhood is certain to gain national attention for the City of Cleveland, especially at such a historic corner.”
The project also received a $10.8m loan from the State of Ohio’s Development Services Agency and a $2m loan from the City of Cleveland.
Construction on the project is expected to take approximately 22 months, with an opening scheduled for the first quarter of 2022.
Upon completion, the 120ft-tall building will become the tallest mass timber-framed structure in the US.
Ian Bradley of TSB Capital Advisors said: “We’ve worked closely with Mark, Dan Whalen and the entire Harbor Bay team since the early stages of this project, and to get it across the finish line in the most tumultuous stretch the capital markets have seen since the Great Recession speaks to how critical this project is as a part of the overall vision for Ohio City.
“My hat goes off to everyone involved, from the Harbor Bay team, to city and state government officials, to the lenders. This closing is a tremendous team accomplishment that will be surpassed only by the finished product itself.”
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INTRO, Cleveland will feature 298 market-rate apartments, nearly 40,000 square feet of retail and 340 parking spaces. (Credit: Business Wire)
