November 7, 2019
ACRES Capital Corp. originated a $38-million loan to fund the development of 1118 Sycamore Street, a mixed-use project in Cincinnati’s Over-The-Rhine submarket. The loan carries a term of 30 months and is sponsored by Charles Street Investment, a boutique real estate investment and development company.
“As the largest historic district in the United States, the Over-the-Rhine submarket showcases a unique backdrop for 1118 Sycamore,” said ACRES CEO Mark Fogel. “Residents and businesses alike will be able to enjoy the area’s significant restoration and development efforts that have been brought to fruition over the last decade.”
1118 Sycamore will include seven stories and 155 apartments upon completion. It will feature a two-level, concrete parking structure, a lobby connecting to upper-floor amenities, 12,500 square feet of retail space and four individual-entry townhomes. The Over-the-Rhine submarket, directly adjacent to downtown Cincinnati, recently underwent a $500-million-plus urban revitalization plan funded primarily by local corporations.
For comments, questions or concerns, please contact Paul Bubny