- Posted In: Development
GL Housing Development closes two deals where others had been unsuccessful, spreading their wingspan and growing their portfolio in the process.
CLEVELAND, Ohio. – Dec. 17, 2015 – For the past couple months, GL Housing Development has been finalizing two different projects, acquiring a 101 unit family-housing apartment in Portsmouth, Ohio and completing a $4 million construction project in Wheeling, West Virginia on a 109 unit historic elderly housing project.
In Portsmouth, other companies had previously taken on the project of developing the apartment complex, but had finished unsuccessfully. GL Housing Development, working with their network of brokers, was able to close at an even better deal than before. Chad Nykiel, Director of Development and Finance for the company, stated, “We closed on it, and we’re actually submitting for tax credits currently…we got it at a lower price per unit than what was previously negotiated.”
The construction project in Wheeling, WV was the first of its kind for GL Housing Development, as the company has never done a historic rehabilitation in West Virginia. “Really it’s the first major construction project in several years, we’ve done everything else in-house”, says Nykiel.
“We’re still in growth mode and looking to acquire a couple projects a year while repositioning our current portfolio with tax credits.”
GL Housing Development worked with multiple banks and capital providers throughout the process of the two projects, including Tri-state Capital Bank, HUD, Sterns, Great Lakes Financial Group, and Wesbanco.