TurnCap funds $12.25 million bridge loan to finance the renovation of a 187-unit, 10 property Class B multifamily portfolio in Cleveland, Ohio
TurnCap recently funded a bridge loan to finance the renovation of a 187-unit, 10 property Class B multifamily portfolio in Cleveland, Ohio. The apartments were constructed in the 1920s and will be undergoing a capital improvement plan to modernize the units and bring the rents to market levels.
The portfolio has averaged 95% occupancy over the last 10 years but has been operating at below market rental rates. The Sponsor, who is an experienced owner/operator in the neighborhood, is confident that renovation plan will allow them to bring the units up to market rental rates while simultaneously maintaining their high level of demand.
Sponsor Track Record
The Sponsor is an experienced owner/operator in this market and has a proven track record to support their value-add plans. The Sponsor currently owns and operates in excess of 275 units in the immediate area, which will allow them to maximize management and expense efficiencies.
The assets are located in one of the most desirable in-fill locations with close proximity to Downtown Cleveland, University Hospitals, the Cleveland Clinic, Case Western Reserve University and University Circle/Little Italy.