Columbia Pacific Advisors, LLC through its bridge-lending platform has provided Blue Tide Partners with $25 million in short-term first-mortgage debt primarily for the acquisition of a nine-property, 435-unit value-add multifamily portfolio in Cincinnati.
Blue Tide Partners, a Covington, Kentucky-based real estate investment firm founded by Tom Miller and Doug Pelfrey, focuses on the acquisition and renovation of older multifamily product to create affordable rental housing largely for low- to middle-income families in the Greater Cincinnati/Northern Kentucky market.
A portion of the loan proceeds will also be used to refinance existing debt on nine similar properties totaling 212 units in Cincinnati, which were acquired by Blue Tide in 2014 and 2015.
Columbia Pacific Advisors’ financing package also includes a multi million dollar reserve to help pay for capital improvements across the entire 647-unit portfolio, according to Billy Meyer, managing director of real estate lending for Columbia Pacific Advisors.
According to Miller, the 647 units is a significant step in meeting the goal of providing 2,500 units during the next five years that meet the demand for comfortable, clean and livable rental housing for families in transition.
The properties in the 18-property portfolio range in size from five to 106 units, and are collectively 55 percent occupied.
