CLEVELAND, OH – TSB Capital Advisors, the national leader in student housing and multifamily real estate advisory services, successfully arranged financing of INTRO, Cleveland, a nine-tale building with 298 market-rate apartments, nearly 40,000 square feet of retail and 340 parking spaces. Located in Cleveland s vibrant Ohio City neighborhood and across the street from the iconic West Side Market, INTRO offers residents unparalleled access to local attractions in one of the nation s most innovative new buildings.
TSB Capital Advisors arranged a three-bank senior construction financing participation for INTRO on behalf of Harbor Bay Real Estate Advisors. The senior financing was led by First National Bank of Omaha, as well as participations from First National Bank of Pennsylvania and Busey Bank. The project also features substantial support from state and local government, including a $10.8 million loan from the State of Ohio s Development Services Agency and a $2 million loan from the City of Cleveland.
Construction for INTRO is expected to take approximately 22 months, with an opening scheduled for Q1 2022.
We re ecstatic to be able to close financing in such challenging economic conditions on a project that s been years in the making, said Mark Bell, chief executive officer of Harbor Bay Real Estate Advisors. Launching our INTRO brand of timber-framed buildings here in the Ohio City neighborhood is certain to gain national attention for the City of Cleveland, especially at such a historic corner. We hope this can be a fantastic example of innovative, sustainable, transit-oriented development that developers should be striving to achieve nationally.
We are thrilled to help Harbor Bay bring such an exciting new project to the undersupplied Ohio City submarket, which also happens to be the most in-demand, said Ian S. Bradley of TSB Capital Advisors. We ve worked closely with Mark, Dan Whalen and the entire Harbor Bay team since the early stages of this project, and to get it across the end line in the most tumultuous stretch the capital markets have seen since the Fantastic Recession speaks to how critical this project is as a part of the overall vision for Ohio City. My hat goes off to everyone involved, from the Harbor Bay team, to city and state government officials, to the lenders. This closing is a tremendous team accomplishment that will be surpassed only by the finished product itself.
In addition to its prime location, INTRO features a modern design that delivers both luxury living and environmental sustainability. The building will primarily be constructed with mass timber, a renewable building material that is gaining popularity in environmentally conscious urban infill developments. Once completed, at nearly 120 feet tall, INTRO will be the tallest mass timber-framed structure in the country.
Harbor Bay Real Estate Advisors is a leading real estate development, investment and advisory firm, renowned for its creative thinking and collaborative, community-driven approach. Since 2013, Harbor Bay has successfully developed more than $500 million in multifamily, hotel and mixed-use projects across the Midwest. As a multi-generational family real estate business, Harbor Bay approaches deals with high energy and sound discipline, and strives to deliver differentiated, well-positioned, well-managed real estate.

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RICHMOND, VA – 37th Parallel Properties Investment Group announced the acquisition of a three-property portfolio in Austin and San Antonio, Texas on behalf of their investors and family office partner. The acquisition marks the firm’s reentry into the Austin market, a target investment market for 37thParallel, ranked as the “#1 Place to Live” by US News & World Report for the past three years. This is the firm’s sixth acquisition in San Antonio, bringing their portfolio in the metro to over 1,100 units.
The properties include: Bridgehead Apartments, a 128-unit, garden-style, multifamily community in Austin, TX; Melrose Place Apartments, a 132-unit, garden-style, multifamily community in Austin, TX; Tradewinds Apartments, an 84-unit, garden-style, multifamily community in San Antonio, TX.
“Owned and operated by a local family for over two decades, these assets have benefited from superb long-term ownership,” said Dan Chamberlain, Managing Partner and Chief Operating Officer. “Having bought a previous deal from the same family, we were thrilled when they approached us with the opportunity to work together again.”
Bridgehead sits in an irreplaceable location in the hills of the coveted Westlake area of Austin, providing residents with exceptional canyon and greenbelt views of the Texas Hill Country. The property, built in 1985, features a mix of one- and two- bedroom units, balconies, and multiple greenspaces with covered porch swing and gazebo-style seating from which to delight in the expansive vistas. Residents also delight in exclusive, direct trail access to the Pennybacker Bridge Overlook Trail and Shepherd Mountain.
Melrose Place, also built in 1985, consists of 132 duplex and fourplex units with large floorplans averaging 909 square feet. The property sits less than one mile from both the 7,000 employee Apple Americas Operations Center and the site of the upcoming $1 billion Apple campus projected to use 15,000. 37th Parallel will perform asset management services for Melrose Place for a family office based in Minneapolis, Minnesota.
The surrounding areas of both properties are notoriously hard to develop due to strict environmental development codes and the perpetual preservation of large tracts of land. “The supply-demand dynamic, with no new units under construction within a 6-mile radius of Bridgehead, and only 72 units within a 4-mile radius of Melrose Place, makes a high barrier-to-entry that further bolsters our investment thesis,” says Chamberlain. “Rents in the Northwest Austin submarket, where both deals are located, rose 6.6% during the last twelve months, which is the highest growth rate in the metro. This growth, along with a metro-best submarket occupancy of 94.3% and in-place rents 20% below their respective competitive sets, is ideal for our value-add investment strategy.”
Tradewinds is in the Windcrest suburb of Northeast San Antonio. Built in 1983, the property features a mix of one- and two- bedroom units and townhomes. Community amenities include a pool with sundeck and an expansive picnic area with barbecue grills. “Tradewinds is located within a 3-mile radius of two other assets managed by 37th Parallel, which will provide operating efficiencies for this property and our other portfolio assets nearby,” says Chamberlain. “Furthermore, due to the portfolio-nature of this transaction, we believe our acquisition basis for all three assets is lower than if each was bought individually, further insulating the investment and providing the opportunity for strong, risk-adjusted returns.”
All three deals were 97.6% occupied or higher at the time of acquisition.
This acquisition also marks the first investment from 37th Parallel’s inaugural fund. The fund vehicle, launched in November 2019, seeks to buy value-add and core-plus multifamily real estate in the Southeast and Texas. “We are thrilled to be able to invest in this project on behalf of our fund investors. This investment is ideal for the fund’s mandate of investing in multifamily assets bought below replacement costs in attractive markets with capital needs and value-add potential,” says Chad Doty, Managing Partner and Chief Executive Officer.
The acquisition was funded with new investor equity and will benefit from long term, capped, floating-rate agency debt financing, arranged by Cutt Ableson and Colin Marusak out of Berkadia’s Houston office. The properties will be managed on-site by Roscoe Properties, based in Austin, who manage over 15,000 units in the Austin metro area and over 38,000 units overall. 37th Parallel extends its appreciation to Charles Cirar, Michael Wardlaw, and Colin Cannata of CBRE’s Texas Multifamily Team, who represented the Seller in the transaction.

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MIAMI BEACH, FL – Miami Beach s 57 Ocean, an ultra-luxury seaside condominium on the iconic Millionaire s Row, announced that it has obtained a $58.5 million construction loan from Bank OZK, arranged by JLL Capital Markets. The financing will support completion of the 18-tale project, which is now more than halfway complete and on schedule for next fall s projected delivery date.
In total, 57 Ocean, which is being developed by Multiplan Real Estate Asset Management (MultiplanREAM), will feature 70 units, including 18 flow-through Sky Residences and a $35 million, full-floor penthouse. To date, more than half of the units have sold to buyers from high income tax states, including New York and California, as well as high-net-worth individuals from Latin America.
Already, MultiplanREAM, which was founded by internationally revered Brazilian developer Dr. José Isaac Peres, has invested approximately $150 million in cash into the project, ensuring that each benchmark has been met with swift precision and efficiency. The added financing underscores the well-documented success of the project and its strength in the market — especially in the midst of the current COVID-19 pandemic.
57 Ocean is not only delivering a unique, healthful-living lifestyle for buyers, but also providing another reassurance for their real estate investment, said Marcelo Kingston, Managing Partner of MultiplanREAM. We are extremely proud to work with Bank OZK, the nation s preeminent construction lender of marquee properties. We have confirmed that we will top out this August and deliver the building in September 2021, as we had originally promoted.
Bank OZK is pleased to be financing the final phases of 57 Ocean s construction and to be working with such a reputable developer, said Greg Newman, Managing Director of Originations at Bank OZK. The strong financial capacity of MultiplanREAM, coupled with such a unique real estate asset, exemplify the high standards Bank OZK consistently seeks in its project financings.
The JLL Capital Markets debt placement team representing MultiplanREAM included Executive Managing Director Manny de Zárraga and Director Jesse Wright.
We are delighted to be working with MultiplanREAM in supporting the capitalization of this outstanding product, said de Zárraga. This liquidity will enable the developer to pursue new opportunities that may emerge during moments of the current global crisis while expanding its footprint in the State of Florida.
Adding to the momentum, MultiplanREAM and 57 Ocean s exclusive residential brokerage, Fortune Development Sales, have reported a string of back-to-back transactions at the property. In just 45 days, 11 units totaling $46 million have gone under contract — an average of 1.3 sales per week. One of the top sales was a four-bedroom, four-and-a-half-bath residence (No. 1702) for $7.3 million to a New York-area buyer. Buyers have singled-out the project for its unparalleled location, contemporary designs, and robust assemblage of holistic Blue Wellness amenities and services.
The excitement surrounding this development continues to build among ultra-luxury homebuyers worldwide — a testament to MultiplanREAM s tremendous vision and subsequent success, said Edgardo Defortuna, CEO of Fortune Development Sales. We are now looking forward to the next huge milestone – 57 Ocean s topping off later this summer.
Designed by award-winning architect Bernardo Fort-Brescia of ARQUITECTONICA, with interiors by Brazilian designer Patricia Anastassiadis of Anastassiadis Arquitetos, 57 Ocean will offer two to four-bedroom residences — starting at $1.5 million — with sizes ranging from 1,200 to 3,600+ square feet. The well-appointed homes will feature expansive terraces, each stretching up to 12 feet deep, as well as contemporary Italian kitchens and baths by Poliform. In addition to the 10 Sky Residences, which start at $6.95 million, 57 Ocean s last-remaining penthouse — designed by Sofia Joelsson of Sofia Joelsson Design — is priced at $35 million.
Five-star amenities will include a holistic spa with treatments by One Ocean Beauty and a wellness pavilion with a thermal suite and a relaxation and meditation area — as well as poolside treatment cabanas, a state-of-the-art fitness center with top-of-the-line MyIsle training equipment by MyEquilibria, and an indoor Technogym fitness center. There will also be a children s activity room, 24-hour concierge services, pool and beachfront concessions and attendants, direct access to the adjacent Miami Beach Walk, and more.

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