Van Aken District Project

In Shaker Heights, Ohio, RMS Investment Corporation is looking to close a $97.2 million deal as a financial package for the 1st stage of constructing the Van Aken District Project. In the suburban East Side downtown, they want to create movement in the center through construction of a number of buildings.
Today, December 8, the board directors of the Cleveland Cuyahoga County Port Authority documented the necessary papers to provide funds. For that, the construction of apartment buildings, offices, shopping centers with parking will be paid in full and ready to start building.
The funding was the final step RMS needed to close of all heavy deals. After two years of talks, assembly is imminent. Although they await the decision, which will last until the 1st quarter of 2017 by the Ohio Water Development Authority program for a small state loan (small compared to $97.2 million) of $2 million, as previously said, assembly is very much imminent.
The Cleveland Cuyahoga County Port Authority will then provide $60 million in taxable bonds, to which PNC Bank will buy those that are connected to the apartment building. The building will be approximately 30,000 sq. ft. of first floor retail with 80+ parking places subsurface. It will also house 102 units.
More offices and retail stores will cover about 60,000 sq. ft. that includes dining options such as a food hall. Furthermore, another parking garage is involved for those offices and retail stores.
As foreign investors are calling constantly to buy bonds connected to all situated buildings, Cleveland International Fund and Civitas Capital Group in Dallas, Texas are working together to arrange overseas deals for loans through a federal program that ensures them a place to live in the U.S. only if they lend a hand in creating jobs.
There will be minority and woman owned businesses in the project. Almost 85% of labor will be union workers from Marous Brothers Construction and Turner Construction Company.
Funding distributed will for construction will come from what is generated from bonds (about $52 million), $20.4 million from RMS in cash and land value, $4.3 million from Cuyahoga as a loan, a $6.2 million grant from Shaker Heights, and state grants summing to about $800,000.
An $11.5 million investment from RMS comes separately to modernize the close Shaker Plaza and move retailers there from the Van Aken Center as it is being demolished.
In the summer of 2018, RMS Investment Corp. hopes to the aforementioned buildings will be opened for business with new, massive revenue incoming.

van aken district - library

Recent Sales In Cleveland

Notably, the best areas for home sales in Ohio is in the region as that are undergoing a reconstruction because developers are eager get projects. In addition, there is an increased interest in urbanization, and many people are moving from the suburbs to the city. As a result, the real estate market is busy reshaping to cater for the apartments to shopping malls market.  For instance, in Cleveland, some companies are moving from the suburbs into the city, in order to attract the younger generation staff. In the Ohio real estate, the apartment market is the highest gainer in this transformation while the conservative housing in the suburb communities will lose.

The Sale of Huntington Building

The Huntington Building, located in downtown Cleveland, has a new owner who intends to convert it into apartments and office spaces. In addition, the owner intends to include hotel rooms, restaurants, and conference facilities. The Vice Chair of the Newmark Grubb Knight Frank admits that this is a big and risky renovation, but there is a ready market for it. Indeed, the sale has made headlines in the Ohio Real Estate News. The renovation will bring in a vibrant mix of business and pleasure to suit the current real estate market.

Greenbaum, the new owner of the Huntington Building, is an urban developer. He maintained that the renovation would not affect the tradition of the building; instead, it will preserve it by including a gorgeous façade and a huge bank lobby. The building is rumored to cost $22 million, and the owner will spend 12 times more in doing the renovations. The owner hopes that the Huntington Building will be the next pivot of the new center in Cleveland, and it will redefine the Ohio real estate market.

Huntington Building

Cleveland Hilton Garden Inn has a New Owner

Starwood Capital JV is the new owner of the Hilton Garden Inn. The hotel, which is located in Downtown Cleveland, has a new owner. The sale of the hotel closed in June 29, selling for close to $16.6 million. The hotel purchase is joint venture where the other party, Schulte Hospitality Group, Inc. is responsible for managing the hotel. The conclusion of this sale comes at appropriate time, just before the 2016 republican National Convention. Apparently, the event will raise the demand of accommodation rooms in the region, and the hotel stands to benefit. It will affect the Ohio real estate because there will be a demand for accommodation facilities. It is unclear though about the intended renovations that the hotel would undergo before the event.

Notably, the two partners have done various deals in Ohio that are available in the Schulte group website. The group has a huge share in the Ohio real estate market because it owns Embassy Suites close to the Columbus airport, Hilton Garden Inn in the outskirts of Cincinnati and another hotel in Stow.

Cleveland Hilton Garden Inn

The sale and renovation of the Huntington Building and Hilton Garden Inn will bring significant change in Ohio real estate development, especially the downtown market.…

Checking Out the Ohio Real Estate Market

For those who are considering investing their money on Ohio real estate market, it is important that you take your time viewing available properties that are listed in the market to know your options. There are plenty of properties, as well as houses up for sale, but before you settle with one, it is best that you explore first to ensure that you’re getting the best deal for your money.

Factors to Consider when Buying in the Ohio Real Estate Market

There are several factors to consider before you purchase a house and lot in Ohio. The first one is whether you have a stable income. It may be that you’re earning a lot today but how long will this last? If you’re unsure of what your income situation will be, it is best to forego buying a property for now.

Another factor to consider is your credit score as this will determine the interest that you’ll get on the mortgage that you’re going to invest on. It would be better if your credit score is right where you want it before obtaining a mortgage. If not, you can still work on improving your credit score before checking out Ohio real estate .

When looking at Ohio real estate and homes for sale, picture what your goal is. Determining what you want in a property can help you minimize your options to those that actually meet your needs. This will make buying easier for you too. You should also take into consideration your current situation in life. Are you single? Are you planning to have a family? Is there an option where you will be traveling in the future? Figuring out your response to these questions can help you determine your reasons for wanting to purchase a property in Ohio.

Why Hire an Ohio Real Estate Agent?

Searching the internet for Ohio real estate market can be daunting as numerous listings will appear. Even when you consider the factors mentioned above, you still have a long way to go in finding the right place for you. Dealing with an Ohio real estate agent, on the other hand, can increase your chances of finding a property that suits your needs, your income, and your goals. Real estate agents are usually in the loop when it comes to Ohio real estate MLS listings, so they are in a better position to direct you to ideal properties based on your needs.

Buying in the Ohio real estate market is a good way to invest your money but make sure that the property or home that you will be purchasing is exactly what you are looking for. Don’t be afraid to work with a professional Ohio real estate agent since they can help you get a better deal in the long run.…

Tips For Buying Any Property

Stress is the last thing you need when you are in the process of buying a home. You can avoid some of that stress, by knowing more about the home purchasing process. In the following article, you are going to be given some advice that is meant to help ease some of your tensions.

To maximize your chances of getting a wonderful property at an affordable price, consider going house hunting in the fall. Most real estate activity takes place in the spring and summer, so if you wait just a few extra months, you will have fewer competitors and be in a better position to negotiate the price you want.

Check with the local tax office to find out what square footage has been recorded for the home. Any work that has been completed without permits can lead to problems in the future for you. You will be required to make any changes or improvements to bring the work up to code.

Foreclosure

Search in your local paper, the courthouse and even other real estate agent offices for foreclosure listings, or homes that are being sold by HUD for the greatest profits when investing in real estate. These properties are sold at a deep discount in order to get them off the books.

To save money when buying real estate, you should talk to the agent about people who are short selling a home. The phrase means that the owner and bank have negotiated to take less than the mortgage amount, as a payoff to prevent a foreclosure. The price can more fairly reflect what other area homes are selling for.

If you had previously fallen on hard times, and had your home foreclosed on, there are ways you can once again be a homeowner. Mortgage companies such as Fannie Mae and Freddie Mac may back another home loan for you in as little as three years depending on the circumstances surrounding your foreclosure.

Foreclosures

Research more than just the final sale prices of houses in the area. A list such as that will give you a very limited scope of what is going on in the region. Use newspapers, websites, and journals to find out the small details including foreclosures and the average time homes stay on the market.

Make sure you understand that purchasing a home is not a quick and easy process. You have to have patience for homeowners to make repairs, and for proper documents to be signed. If time is of the essence for you, try to avoid homes that are foreclosures or short sales. Calgary, Alberta is currently suffering through an economic downturn so Calgary foreclosures may be increasing. Check with local realtors for any current foreclosures in Calgary.

If you are planning on buying a foreclosed home, be aware that those homes are sold as-is. You are not going to get a better deal on a foreclosure because it needs repairs. Generally, foreclosures are sold at the amount the bank needs to sell it for to recoup their loss, and they are not often going to negotiate below the selling price of other comparable properties.

As was stated in the beginning of this article, it is very common to be stressed out during the home buying process. However, learning more of the details of home buying can help ease some of this stress. Use the advice you were given in this article, to aid you in home buying.…

Home Staging – Make Your Home Look Its Best

There certainly comes a time in your life where you have to put up your property for sale. Regardless if you are up to competing in the Ohio real estate industry, or if you simply just want to sell your home for the purpose of moving on to another chapter in your life, you are quite aware that putting up something that you think is very valuable can be challenging at times. Even if you are very sure that the beauty and comfort of the house that you yourself have lived in is enough to convince anyone shopping for properties, you would still end up with a challenge if you do not make things easier with Ohio home staging services.

Why do you have to stage your home?

Home staging is one of the most effective tools that are used by competitive Ohio real estate investors and sellers. This practice allows you to exude the kind of vibe that you want your potential buyers and investors to feel. As you may have noticed, it is pretty much difficult to remember anything that is outstanding from a house that is empty and unfurnished. However, with home staging, you get to see the beauty of the interior of the house by furnishing it with the right kind furniture. Although it may sound simple, it could be tricky in the sense that the pressure of making your house attractive to people in Ohio who have various tastes in interior design can take its toll on you. For this purpose, Ohio home staging services are available to serve you.

Benefits of staging your home before putting it up on the market

True enough, the market for Ohio real estate is not always hot for demands and sales. In this kind of situation, it would not help much if the interior of house that you are selling is bear naked. Selling a property this way will cause your potential buyers to continue looking for something else because it does not give a clear representation of what clients can have when they actually buy it and move in.

Another thing is that anecdotes from Ohio real estate agents tell that some shoppers remember a lot more about houses that are already furnished. If this is the case, they are likely to choose a beautifully staged home over the bare others that they have canvassed. On top of that, people who opt for houses that seem to be ready for moving in pay a lot more compared to ones who are only stuck with having to choose a naked home due to lack of choices. All in all, home staging lets your potential buyers feel that what they found is pure treasure.…