PCCP has provided a $29.48 million senior loan to a private high-net-worth investor for the acquisition and lease-up of The Heights, a newly constructed two-building, Class-A apartment complex made up of 193 units and 23,320 square feet of office space located in the Worthington suburb of Columbus, Ohio.
The seller was Crawford Hoying, a local developer, who began construction of The Heights in September of 2013. The 59-unit building was completed in September of 2014 and the 134-unit apartment building that also includes the commercial space is anticipated for completion this month.
Located at 160 West Wilson Bridge Road in Worthington, The Heights is within one of the top Columbus submarkets, as demonstrated by a 3 percent vacancy rate and above-market rent growth.
