$42,750,000 of Economic Development Revenue Bonds issued for the Foundry Project Located on Fountain Square in Cincinnati, Ohio
07-19-2023
Cincinnati, Ohio
- Funding Sources – Ohio Enterprise Bond Fund (OEBF) (Rated AA+ by S&P); Southwest Ohio Regional Bond Fund (SORBF) (Rated A- by S&P); and the Northwest Ohio Bond Fund (NWOBF) (Rated A- by S&P)
- Bond Issuers – Ohio Treasurer of State issued $29MM; the Port of Greater Cincinnati Development Authority issued $8MM; the Toledo-Lucas County Port Authority issued $5.75MM
- Project – The redevelopment of the former 3-story Macy’s department store located on Fountain Square in downtown Cincinnati into approximately 165,000 SF of class A office space and 35,000 SF of ground-floor retail space (the “Project”). Overall Project costs were approximately $69.7MM. The Project is owned by a subsidiary of 3CDC, a 501(c)3 tax-exempt, non-profit corporation formed in 2003. 3CDC’s mission is to strengthen the core assets of downtown Cincinnati by revitalizing and connecting the Central Business District and Over-the-Rhine.
- Location – 50 West Fifth Street, Cincinnati, Ohio
- Security – (1) Shared first mortgage, (2) a shared first assignment of all present and future lease revenues, and (3) an additional operating reserve of $2MM funded at closing by 3CDC.
- OEBF & Port Authority’s Financing Term – ~ 25 years
- OEBF & Port Authority’s Tax Status – Taxable.
- OEBF Bond Yield – 4.624%.
- SORBF Bond Yield – 5.130%
- NWOBF Bond Yield – 5.190%
- Closing Date – June 21, 2022
Deal Team
Please contact one of the following professionals to explore how DiPerna Advisors may be able to help in structuring your project:
