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Dayton-Area Retail and Office Complex Fetches $135M
Florida-based investment manager Kawa placed a $26 million loan that will enable the acquisition of Austin Landing, an 834,630-square-foot, mixed-use property recently developed in Miamisburg, OH, a suburb of Dayton. The loan allows the borrower—identified in published reports as New York-based Columbia Investment-to purchase the retail-and-office property from its developer for $134.5 million.
The acquisition of Austin Landing was funded with senior financing provided by Citi Bank, a structurally subordinated loan from Kawa, and the balance with owner equity.
“Kawa was drawn to the Austin Landing transaction for numerous reasons, including the property’s prime location within a growing submarket, structural protections which mitigate downside risk, and consistent income in-place derived from an established tenant roster,” said Daniel Ades, Kawa’s founder and managing partner. “As bank lending remains tight, we anticipate that alternative sources of debt, such as Kawa, will remain in high demand among sponsors, owners and investors.”
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