Walker & Dunlop has arranged $55.16 million in total construction financing for Phase I of Belle Oaks Marketplace, a mixed-use redevelopment in Richmond Heights, Ohio.
The Walker & Dunlop Capital Markets Real Estate Finance team, led by Ryan Parker, arranged the floating-rate, interest-only construction loans provided by Genesis Capital on behalf of DealPoint Merrill.
The development will feature 181 multifamily units across two buildings as part of the first phase of a larger mixed-use, master-planned redevelopment. Upon completion, Belle Oaks Marketplace will transform the former Richmond Town Square Mall into a mixed-use community featuring 798 multifamily units, more than 120,000 square feet of retail, a 159,000-square-foot grocery anchor, and additional community amenities.
Located at 775 Richmond Rd, the property is situated near University Circle and major employment centers, including the Cleveland Clinic and Case Western Reserve University. “Belle Oaks Marketplace represents a compelling redevelopment that brings much-needed housing and retail to the Richmond Heights community,” said Parker.
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