Ohio office is a three-MSA story. Columbus, Cincinnati, and Cleveland, each with a different underwriting profile. Columbus benefits from the strongest tailwind, anchored by a money-center bank's largest non-NYC employee base, Ohio State University, and the semiconductor plant under construction in Licking County (announced with the State of Ohio in 2022; ongoing). Cincinnati's downtown and Oakley/Norwood submarkets host consumer-goods, grocery and regional bank headquarters; Cleveland's Class A inventory is anchored by the Cleveland Clinic and University Hospitals medical complexes.
Active capital sources
- Life Companies
- CMBS Lenders
- Ohio Regional Banks
- National Debt Funds
Loan programs we place
- Stabilized Class A Perm Debt
- Medical Office Refinance
- Office Bridge for TI/LC
- Acquisition Capital
Frequently asked questions
What is the current LTV for Columbus or Cleveland Class A office?
Stabilized Class A with strong WALT typically clears 55% to 65% LTV through life companies and CMBS; medical office anchored by Cleveland Clinic, University Hospitals, or the OSU Wexner Medical Center can push higher on tenant credit .
Do you cover suburban Ohio office?
Yes, but the lender pool is narrower than for downtown Class A, and pricing reflects tenant rollover risk. Well-tenanted Dublin, Beachwood, and Blue Ash submarket assets remain financeable through regional banks and select CMBS desks, though typically with full or partial recourse and meaningful reserves for TI and LC obligations over the loan term.
Is non-recourse available?
Yes for stabilized Class A and credit-tenant medical office through CMBS and life companies. Smaller-balance regional bank loans typically require some level of recourse, partial or full, depending on sponsor strength and asset profile.
How is the semiconductor investment affecting Columbus office underwriting?
It is starting to show up in lender absorption assumptions on Columbus office. The Licking County semiconductor plant is one of the largest private capital investments in Ohio history (State of Ohio announcement, 2022); several lenders now factor a modest spillover-demand assumption into go-forward leasing projections on Columbus suburban office over the loan-term horizon, particularly assets in the I-270 outerbelt closer to the plant site. The supplier and contractor build-out around the semiconductor plant is also driving meaningful flex and R&D demand that lenders are beginning to underwrite on a project-specific basis.