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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