PCCP, LLC announced it has provided a $31 million bridge loan to The Pizzuti Companies for the refinance of The Residences at the Sutton, a Class A, 100-unit boutique multifamily asset located in the Short North Arts District of Columbus, Ohio.
“The Residences at the Sutton is a well-located, boutique property that is positioned to capitalize on the strong rent growth and market fundamentals in Columbus,” said Tina Ramos, Senior Vice President with PCCP. “Pizzuti has a track record of success in their hometown market and PCCP is thrilled to be the lender to such an experienced developer that has been an impactful force in Short North’s transformation.”
The property’s unit mix includes studio, one- and two-bedroom units that feature stainless-steel appliances, quartz countertops, WiFi enabled thermostats, a washer and dryer, and balconies in select units. The Residences at the Sutton also features top-of-market amenities, including a courtyard with bocce courts and barbecue grills, fitness center and yoga room, and resident lounge.
The property is located in Short North, a vibrant neighborhood with variety of restaurant, lifestyle, retail, and cultural amenities. The property is two miles north of downtown Columbus, providing residents with convenient access to Columbus’ largest employers.
The Pizzuti Companies is a privately held, Columbus-based real estate developer, owner, and operator that has developed more than 50 million square feet of residential, industrial, office, hotel, healthcare, and retail product throughout the Midwest and Southeast regions of the United States.