NORWOOD (FOX19) -- U.S. Bank said today it has 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. “Adding this new residential piece to the project will have a tremendous effect on the surrounding community.”
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 shopping centers Rookwood Commons and Pavilion & Exchange.