174-Unit Forest Hills Park Apartments Changes Hands with Bond Issue Fueling Financing

174-Unit Forest Hills Park Apartments Changes Hands with Bond Issue Fueling Financing

CLEVELAND, OH - Out of State Interest in the Northeast Ohio Apartment market continues to grow rapidly. “Of all of the Multi Family transactions I have had the pleasure to work on in the last 8-10 months, none have Sold to local buyers. The amount of Out of State and even International interest in the Northeast Ohio Apartment Market is staggering, a real testament to all of the Positive momentum which has recently happened in the area,” said Matthew King, CCIM.

The 174 Unit, 128,000+/- square feet Forest Hills Park Apartment Complex, located on 1.479 Acres at 13995 and 14015 Superior Road, East Cleveland, Ohio, has transferred ownership. The property was built in 1949 and consists of two eight story apartment buildings containing a total of 174 units divided as 31 one bedroom units, 115 two bedroom units and 28 three bedroom units with an attached 102 space Indoor Parking garage.

Matthew King, CCIM of Green Bridge Real Estate, recently represented the seller, Marengo Heights, LLC, in the sale of the 93% Occupied, Multi-Family Asset for the full asking price of $3,750,000 or $21,551 per unit to LEDAHF- East Cleveland LLC.

"From the initial marketing to the day we closed this sale," said Marengo Heights, LLC Partner Denis J. Hickey, "Matt King from Green Bridge Real Estate was an innovative, hard-working, consummate professional. He made this transaction turn out as smoothly as it did. His approach to marketing the property to out-of-state buyers was creative and effective. His use of video helped our building stand out and allowed prospective buyers to see the many features that make it an attractive long-term investment -- features that are not immediately apparent at first look."

"We considered using other realtors," Mr. Hickey continued, "but none of them came close to the level of enthusiasm and energy that Matt King brought to the table. My business partner and I are very satisfied with the work Mr. King did on behalf of Marengo Heights, LLC."

Alliance Fund Management, LLC (AFM), a Georgia based intermediary for socially responsible funding, structured and facilitated the financing for the transaction.

The project will be managed by LEDIC Management Group, LLC, a Tennessee limited liability company that is headquartered in Memphis, Tennessee. LEDIC currently manages more than 40,000 multifamily units located across the United States.    

The acquisition and improvements to the property were financed utilizing rated tax-exempt multifamily housing revenue bonds. The Cleveland-Cuyahoga County Port Authority acted as issuer on the bonds. Standard & Poor's Ratings Services assigned an “A-“rating to the senior bonds totaling $5,460,000. Subordinate bonds in the amount of $480,000 received a “BBB” rating. The total amount of Multifamily Housing Revenue Bonds Issued by the Cleveland-Cuyahoga County Port Authority was $5,940,000.

Source: Forest Hills Park Apartments / #Affordable #Housing

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