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Chicago & Midwest  + Midwest  + Finance  | 

TSB Lines Up Senior Financing on Timber-Framed Cleveland Tower

TSB Capital Advisors, based in Phoenix, arranged an undisclosed amount of financing for Harbor Bay Real Estate Advisors’ INTRO multifamily project in Cleveland’s Ohio City neighborhood. It’s intended to be the first of a series of timber-framed buildings from locally-based Harbor Bay, and when completed will reportedly be the tallest project of its kind.

The senior financing was led by First National Bank of Omaha, and by participations from First National Bank of Pennsylvania and Busey Bank. The project also features support from state and local government, including a $10.8-million loan from the Ohio’s Development Services Agency.

“We’re ecstatic to be able to close financing in such challenging economic conditions on a project that’s been years in the making,” said Harbor Bay CEO Mark Bell. “We hope this can be a great example of innovative, sustainable, transit-oriented development that developers should be striving to achieve nationally.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).