EXCLUSIVE: Grandin Properties to raise millions for OTR projects
Cincinnati Business Courier
By: Tom Demeropolis
Posted: September 23, 2015
Grandin Properties plans to raise $5 million to $10 million in private equity to spur private development in Over-the-Rhine.
With this equity Stephanie Gaither, the incoming chief operating officer, expects the real estate development company will be able to work on $10 million to $20 million worth of projects. The equity would be paired with New Markets Tax Credits, historic tax credits and conventional debt.
Gaither, former chief financial officer of Cincinnati Center City Development Corp., said Grandin Properties has a “great” track record, but will start small.
“We’re going to be methodical and strategic,” Gaither told me.
Peg Wyant, CEO of Over-the-Rhine-based Grandin Properties, said the company has quietly started raising money. She already has soft commitments from two investors, one in Los Angeles and another in New York.
“If you believe the real estate here is under priced in relation to the rest of the world, and you believe in the renaissance going on here driven largely by 3CDC and the city, it would be a pretty good thing to invest in,” Wyant told me at Grandin Properties’ offices, overlooking Washington Park.
Instead of raising the money and then looking to place it in projects, Grandin Properties would use the money on a number of projects it has already identified.