Columbus-based Senior Vice President Craig Kegg of Grandbridge Real Estate Capital recently arranged financing for a two-property portfolio in Lorain, Ohio. The two properties, one apartment complex and one multi-tenant office building, were secured by two loans totaling $4.7 million.
Funded through two of Grandbridge’s insurance company correspondents, both permanent fixed-rate transactions were structured with 15-year terms.
Fairway East Apartments, located on Beavercrest Drive across from Mercy Regional Medical Center, is an 80-unit recently renovated mixed-market/affordable project comprised of five two-story walk-up buildings with on-site laundry. Renovations include new kitchens, updated flooring throughout and new baths.
City Center is a 56,384-square-foot rectangular-shaped office facility located on the south side of Broadway, the major thoroughfare through Lorain. A newly constructed 5,625-square-foot gymnasium was also part of the collateral. Building amenities include on-site parking and on-site café. Major tenants include Spectrum Consulting Services, Lorain County Community College and United Property Management.
