Cleveland

“The borrower has more than 40 years of real estate development, acquisition, disposition, and management expertise,” says Hunt's Greg Cazel.

The development plan calls for a total of 303 units that will consist of a mix of one- two- and three-bedroom apartments. A total of 19 units would be affordable to those making 60% of average median income.

The acquired properties total 813 units including independent living, assisted living and memory care in Michigan, Pennsylvania (pictured) and Virginia.

A handful of state and national initiatives point the way toward filling a serious housing need. It's just a start, but a start after all, says KeyBank's Rob Likes.

Kern will oversee the company's asset management practices and play a lead role on transactions and development projects. Hill will be responsible for ICP's financial planning and accounting practices, as well as its relationships with lending institutions, investors and the financial community.

Brad Lebovitz, managing director at Silverpeak, says the acquisitions introduce Silverpeak to edge markets where the firm sees limited supply.

“We see the Cleveland office market remaining fairly flat this year."

The 58-acre Pinecrest consists of 400,000 square feet of retail space, two Class A office buildings totaling 160,000 square feet, 87 high-end luxury apartments, and a 145-key AC Hotel by Marriott.