Standing 31 stories tall at the Cincinnati waterfront, the 1913 Union Central Life Insurance Company Building’s neoclassical design make it a recognizable facet of the Cincinnati skyline. The building remains the 3rd tallest building in Ohio, and one of the oldest skyscrapers of its magnitude still standing.
CCA Union Central, Cincinatti, OH
Octagon Finance funded a $28,500,000 bridge loan for this historic rehabilitation in Cincinnati, Ohio. Secured by historic tax credit (HTC) equity, a pledge of all equity interests in the tax owner, and a limited repayment guaranty, the loan consists of HTC bridge and mezzanine components.
Octagon was engaged after construction started. With the primary due diligence documents finalized at the time, the request moved quickly to closing. The loan is funded in four advances with repayment source comprised of the federal and state HTC equity, syndicated by third parties.
The rehabilitation includes 281 Class A luxury apartment units, tenant amenities, and 25,000 square feet of complimentary commercial space. The community will be unique to Cincinnati targeting an untapped niche in the market by providing luxury resort style amenities with a range of floorplans and finishes at a cost-effective price point, while achieving premium rents compared to competing product in the market. This approach has proven successful for City Club in other midwestern markets, yielding higher rents, lower vacancy and accelerated lease-up as the communities prove desirable to professionals seeking the live, work, play experience.
