BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $73,360,000 loan to finance the construction of RockPointe at Quarry Trails, a 486-unit apartment complex that will serve as the third phase of the Quarry Trails Master Development, a 607-acre, mixed-use community in Columbus, Ohio.
A team from BWE’s Columbus office, consisting of Chad Kiner, senior vice president, Conor Lee, senior vice president, Grant Proegler, senior transaction manager, and Brody Hoying, transaction manager, originated the financing from a life company on behalf of Thrive Companies, a Columbus-based real estate developer. The construction loan has a 36-month term with an option for an additional year extension. BWE had also secured financing for previous phases of the project.
“Securing financing for projects that focus heavily on environmental remediation, like RockPointe, can be a challenge, so we worked closely with our partners at Thrive to cover the entire lending market, from banks and life companies to debt funds, so that we could identify a deal that would finance the project while giving Thrive the flexibility to execute on their long-term plans for Quarry Trails,” said Proegler. “With its mix of retail, office space, and residential buildings, RockPointe is the perfect embodiment of the ‘live, work, play’ communities that are so desirable to residents right now, and BWE is proud to help finance developments like these in Ohio and across the country.”
Initially developed on an old landfill and quarry, Thrive undertook significant environmental remediation work in order to create RockPointe at Quarry Trails. The property consists of eight separate apartment buildings, a mix of three-story garden-style walk-ups and four-story buildings with elevator access. The apartment buildings consist of 1-bedroom and 2-bedroom apartments with various options and finishes, all of which feature surface parking. RockPointe amenities include a community kitchen, gaming areas, reservable spaces, coworking facilities, a swimming pool, and cabanas.
As part of the greater Quarry Trails development, residents at RockPointe will be able to enjoy access to a wide range of existing community facilities such as a pool with saunas, community center, discounted gym memberships, and a 220-acre park that forms a large part of the Quarry Trails site. Just a 10-minute drive from Downtown Columbus, the development’s convenient location will also provide residents with easy access to all the city has to offer.
BWE stands as a national, full-service commercial and multifamily mortgage banking company committed to elevating real estate financing. Putting clients’ goals first, our experienced and trusted advisors offer comprehensive capital solutions by combining enduring debt and equity relationships with unparalleled local market insights across our 40+ offices and national servicing platform.
