CBRE Group recently closed the refinancing of The Reserve at 4th and Race, a mixed-use, market-rate apartment communty in Cincinnati.
The $13.6 million loan was funded through HUD’s FHA Section 223(a)(7) mortgage insurance program, providing a 40-year, fully-amortizing, fixed-rate and non-recourse loan.
The Reserve at 4th and Race is an 88-unit, 15-story multifamily and office property in downtown Cincinnati. The building was originally the Federal Reserve Bank of Cleveland, built in 1927. It was converted to multifamily housing and office space in 2012.
The building now features 33 one-bedroom units, 51 two-bedroom units, three one-bedroom loft units and a one-bedroom loft unit with an additional den.
Mark Tran, senior vice president in CBRE’s Columbus, Ohio, office, originated the financing.
