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Trez Capital Funds Office-to-Resi Conversion in Cincy Suburbs
Trez Capital recently funded a $37,344,445 construction loan for the Merchant Street project in the Cincinnati suburb of Springdale, OH. The borrower is using the financing to redevelop two recently acquired office buildings into a multifamily project with 129 apartments and 97 rental townhomes.
Executive managing director, Eastern U.S. Brett Forman and VP, origination Scott Mehlman originated the loan for the borrower, Trinity Square Holdings, LLC.
The office buildings were constructed during the early 1980s. They were vacant at the time of the borrower’s acquisition.
“Demand for multifamily 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 St. in Springdale.
- ◦Financing
