$30.5M financing secured for multi-housing community in Downtown Columbus, Ohio

MIAMI, Dec. 16, 2024 - JLL Capital Markets announced today that it has secured a $30.5 million acquisition loan for Xander on State, a 229-unit multi-housing community in Columbus, Ohio.

JLL worked on behalf of the borrower, RM Communities and Crawford Hoying, to secure the loan through ACRE.

Xander on State, situated at 265 East State St. in downtown Columbus's vibrant Discovery District, offers an urban setting with prime access to major employers, educational institutions, city parks, and dining and entertainment. The property is strategically located adjacent to OhioHealth Grant Medical Center and near Nationwide Children's Hospital, both undergoing significant expansions.

Columbus, Ohio has emerged as a rapidly growing Midwest city, with a strong job market, bolstered by major investments like Intel's $28 billion semiconductor facility, contributing to its economic growth and desirability. Columbus's vibrant urban core further enhances its appeal, making it an increasingly attractive destination for both residents and businesses in the Midwest.

Xander on State, which was completed in 2020, offers a mix of studios, one- and two-bedroom units. The property features 2,681 square feet of ground floor retail space and boasts an array of desirable community amenities including a pool, entertainment area, fitness center and theater room providing residents with a luxurious urban living experience.

JLL Capital Market's Debt Advisory team representing the borrower was led by Managing Directors Brian Gaswirth and Jesse Wright, Director Joshua Odessky and Analyst Shane Ciacci.

"This transaction showcases an exceptional execution by RM Communities and Crawford Hoying to acquire a high-quality asset below replacement cost in one of the most attractive markets in the Midwest," said Gaswirth. "The strong interest from lenders underscores the abundance of capital in the multifamily bridge space for high quality assets and sponsors."

"JLL is incredibly thankful to have a fantastic partner like ACRE," Wright added. "Their flawless collaboration with our client, RM Communities, on this transaction further demonstrates their position as one of the industry's leading multifamily bridge lenders."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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