Construction under way on Axis at Ansel apartments in Cleveland’s Hough neighborhood

CLEVELAND, Ohio – Financing has closed and construction is under way on a new, $35 million mixed-use development in Cleveland’s Hough neighborhood, Signet Real Estate Group announced this week.

Signet, an Akron-based real-estate developer and project manager tied to investment firm Signet LLC, said it is now accepting lease applications for the project’s housing units.

Axis at Ansel, located at the corner of Ansel Road and Hough Avenue on the city’s East Side, will feature 163 residential units, spanning 143,000 square feet, plus 1,000 square feet of retail space on the street level.

The project will feature 61 studio apartments, 61 one-bedroom units and 41 two-bedroom units, according to its website. Studios will rent for $999 per month; one-bedrooms will rent for about $1,199; and two-bedrooms will go for about $1,999, according to Signet.

A news release on the project highlighted energy-efficient components of the project, Signet’s investment in the neighborhood, and the building’s proximity to nearby institutions such as the Cleveland Clinic and Case Western Reserve University’s new Health Education Campus.

“The Axis at Ansel project is harnessing the momentum of the up and coming East Side and is creating a modern and energetic hub for the area’s growing number of medical students and young professionals,” Kevin Belt, Signet’s vice president of development, said in a statement.

Signet’s investment banking arm, Signet Capital, secured $30 million in financing for the project. The project’s capital stack includes conventional bank financing, as well as revenue bonds from the Ohio Air Quality Development Authority for energy-efficient equipment and Property Assessed Clean Energy Financing for energy-related improvements, according to Signet.

Tenants can begin moving in during August.

Signet describes the housing units as “luxury.” Amenities for residents include a fitness center, secured bicycle storage, secured vehicle parking and pet-friendly apartment options, among others, according to the news release.

Signet Real Estate has developed a number of health care and education-focused real-estate projects, including Kent State University’s College of Business Administration and the Brecksville Health and Surgery Center, according to its website.

Read the original article post on The Plain Dealer’s Cleveland.com


Financing closes for Axis at Ansel apartment development, which is set to open in August

 

Signet Real Estate Group of Akron said it has closed funding for Axis at Ansel, a 143,000-square-foot, 163-unit apartment development on Cleveland’s East Side that’s now under construction and is set to open in August.

The company got creative for the $35 million project, which is at the corner of Hough Avenue and Ansel Road, near University Circle, and which Signet says features more than $11 million in energy-efficiency measures. Signet Capital, the investment banking arm of Signet Real Estate Group, said in a news release that it was able to take advantage of the following sources to fund the project:

• Construction and permanent debt financing funded through Huntington National Bank;

• Clean Air Quality Revenue Bonds from the Ohio Air Quality Development Authority (OAQDA) for energy-efficient equipment to provide a healthier building and environment; and

Property Assessed Clean Energy (PACE) financing from CR PACE, an affiliate of Cuyahoga River Capital, for additional energy related improvements.

Ryan Sullivan, director of Signet Capital, said in a statement, “Recognizing the importance of the project in the community combined with the energy related improvements allowed our team to access several different financing programs.”

Christina O’Keeffe, executive director of OAQDA, added that the authority supported the project because of its “focus on the building’s increased energy efficiency to improve the environment as well as the strength of local community support to achieve the added benefits in this neighborhood.”

The Axis at Ansel development is part of a trend of for-profit developers launching projects on Cleveland’s East Side. As Crain’s reported last September, a big part of the target market for the five-story Axis at Ansel building is medical students studying nearby at the $500 million Health Education Campus of the Cleveland Clinic Foundation and Case Western Reserve University. The developer is constructing the project where the neighborhood Orr Park formerly stood, and is replacing the park nearby as part of its purchase agreement with the city of Cleveland.

Signet said it has begun accepting lease applications for Axis at Ansel, which will feature 61 studio, 61 one-bedroom, and 41 two-bedroom units.

The project is designed by Moody Nolan. Construction is led by Marous Brothers Construction.

Read the original article posted on Crains Cleveland Business.


Signet Launches Resi Project on Cleveland’s East Side

Signet Real Estate Group has secured nearly $30 million in funding and broken ground on Axis at Ansel, a 163-unit housing community anchored by 1,000 square feet of street-front retail. The 143,000-square-foot project will rise on the corner of Ansel Road and Hough Avenue on Cleveland’s East Side.

“The Axis at Ansel project is harnessing the momentum of the up-and-coming East Side, and is creating a modern and energetic hub for the area’s growing number of medical students and young professionals,” said Signet VP Kevin Belt. “We see the potential of the area and are investing to deliver an attractive and secure urban lifestyle for the community as a whole.”

Slated to open in August, Axis at Ansel is centrally-located within walking distance of the new $500-million Cleveland Clinic Health Education Campus, Case Western Reserve University’s western campus, Louis Stokes VA Hospital, University Circle and Rockefeller Park.

Read the original article posted on Connect Chicago Commercial Real Estate News.