Trez Capital funded a $37.344 million construction loan for the Merchant Street project in Springdale, a suburb of Cincinnati, Ohio. The borrower is using the financing to redevelop two recently acquired office buildings into a multifamily project with 129 apartments and 97 rental townhomes.
Trez Capital Executive Managing Director, Eastern U.S., Brett Forman and Vice President, Origination, Scott Mehlman originated the loan for the borrower, Trinity Square Holdings, LLC. The transaction closed on Dec. 14.
The office buildings were constructed on the 10.85-acre site during the early 1980s. They were vacant at the time of the borrower’s acquisition.
“Demand for multi-family in suburban Cincinnati is strong, while the office market has been sluggish,” Forman said. “This redevelopment will add much-needed multi-family product to the area and enhance the broader community and tax base.”
The Warren County Port Authority is investing approximately $8,000,000 into the project which is located at 134 and 144 Merchant Street.
