CINCINNATI, OH (FOX19) - U.S. Bank closed on a $16.7 million loan for Jeffrey R. Anderson Real Estate, Inc. to develop Rookwood Exchange Apartments, a five-story, 127-unit luxury apartment complex as part of Anderson's Rookwood Exchange mixed-use development.
"The Rookwood Exchange meets the demand for both high-end office and retail in the market, and U.S. Bank is happy to be a part of the development as a financing partner," said John Hart, Cincinnati market manager for U.S. Bank Commercial Real Estate.
Construction on the project will begin immediately with completion expected by early 2015.
The development is located in central Cincinnati at the intersection of Interstate 71 and Smith Road, adjacent to one of Cincinnati's premier shopping destinations, Rookwood Commons, Pavilion & Exchange.
U.S. Bank's relationship with Jeffrey R. Anderson dates back more than 20 years and includes the bank's commitment of more than $60 million in construction financing to support the development of the retail, commercial office space and hospitality components of Rookwood Exchange.
"U.S. Bank has been integral in funding our various phases of development as Rookwood Exchange has become the premier high-end, mixed-use development in Cincinnati," said Jeff Anderson, chief executive of Jeffrey R. Anderson Real Estate.