COLUMBUS, OHIO—Morris, Smith & Feyh has closed on an $18.525 millionloan for The Lane, a mixed-use project to be built in Upper Arlington, Ohio, as well as a $9.265 million loan for the construction of a Homewood Suites.
The redevelopment project will include 109 hotel rooms, 108 apartments and 26,000 sq. ft. of commercial space with 13,000 sq. ft. of ground-floor retail and 13,000 sq. ft. of Class A office space. The Homewood Suites is the first product of its type in Upper Arlington.
The total investment for the project exceeds $35 million and will contribute newly generated property taxes of nearly $700,000 annually, of which almost $300,000 will directly benefit Upper Arlington schools.
Construction is estimated to take 15 months and will create 200 construction jobs and more than 100 permanent jobs. The new jobs and city’s first bed tax are estimated to contribute approximately $200,000 to the city’s annual budget.
The construction loans were originated by Chad B. Kiner of MS&F’s Columbus office. The City of Upper Arlington and Columbus-Franklin County Finance Authority also participated in separate financial capacities. M+A Architects providedservices for the project, for which Brackett Builders is serving as the construction contractor. Crawford Hoying will lease and manage the multiuse part of the project and S & S Management will operate the Homewood Suites.