Signet Real Estate Group Secures Funding, Breaks Ground, and is Accepting Lease Applications for 163 Unit “Axis at Ansel” Housing Project on Cleveland’s East Side

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Signet Capital, LLC Secures Nearly $30 Million in Financing on the Project

Ariel view of Axis at Ansel construction

“This project impressed the Authority with its focus on the building’s increased energy efficiency to improve the environment as well as the strength of local community support to achieve the added benefits in this neighborhood,” Christina O’Keeffe, OAQDA Executive Director, said.

Signet Real Estate Group has closed funding, has broken ground, and is now officially accepting lease applications for Axis at Ansel, an approximately 143,000 square foot, 163-unit housing community anchored by 1,000 square feet of street front retail space. This innovative project, opening August 2020, will bring new life to the corner of Ansel Road and Hough Avenue on the East Side of Cleveland, adjacent to University Circle.

With more than $11,000,000 in total energy efficiency related improvements, Signet Capital, Signet's capital investment banking arm, leveraged unique funding sources on the innovative project, including:

-Construction and Permanent Debt Financing funded through the Huntington National Bank

-Clean Air Quality Revenue Bonds from the Ohio Air Quality Development Authority (OAQDA) for energy-efficient equipment to provide a healthier building and environment.

-Property Assessed Clean Energy (“PACE”) Financing from CR PACE, an affiliate of Cuyahoga River Capital for additional energy related improvements.

“Our focus was aligning a creative capital stack with the project strategy to yield the best potential returns,” said Ryan Sullivan, Director of Signet Capital. “Recognizing the importance of the project in the community combined with the energy related improvements allowed our team to access several different financing programs.”

“The Authority works with a variety of projects with the goal of protecting and preserving the air we all breathe. This project impressed the Authority with its focus on the building’s increased energy efficiency to improve the environment as well as the strength of local community support to achieve the added benefits in this neighborhood,” Christina O’Keeffe, OAQDA Executive Director, said.

Axis at Ansel is strategically and centrally located within walking distance of the new $500 million Cleveland Clinic Health Education Campus, Case Western Reserve University’s western campus, Louis Stokes VA Hospital, University Circle, and Rockefeller Park.

Akron-based Signet Real Estate Group , a privately held full-service real estate organization, is developing and will own and manage the new living community and street-front retail spaces just south of University Circle, which has been branded as Axis at Ansel.

Signet Real Estate Group prides itself on developing more than just modern, high standard structures. They aim to positively impact lives and transform local communities. The Axis at Ansel building is the first step of the vision to transform this East Side neighborhood into a vibrant and desirable community to live, work, and play. The full investment plan includes promoting community engagement, corporate alignment and partnership, and overall neighborhood revitalization.

“The Axis at Ansel project is harnessing the momentum of the up and coming East Side and is creating a modern and energetic hub for the area’s growing number of medical students and young professionals,” said Kevin Belt, Signet’s Vice President of Development. “We see the potential of the area and are investing to deliver an attractive and secure urban lifestyle for the community as a whole.”

Signet is also investing significantly in enriching the neighboring Orr Park, an artery that connects Axis at Ansel to E 97th St. and into the heart of the Cleveland Clinic Health Education Campus, with substantial lighting and streetscape.

Axis at Ansel is now accepting applications to lease the 61 studio, 61 one-bedroom, and 41 two-bedroom units with high-end amenities and spacious layouts. Residents will enjoy a 24-hour fitness center, indoor secured bike storage, collaborative workspace, secured on-site parking, and pet-friendly living options. The facility provides complimentary WiFi, water, sewer, cable and even a coffee bar. Each unit will be finished with large windows to introduce natural light into the space, luxury faux wood flooring, Quartz kitchen countertops, walk-in closets, grey and white Shaker-style cabinetry, stainless steel Energy-star appliances, convenient fobbed front door locks, and has fully furnished options available.

“We are thrilled to be providing luxury housing that will connect the Clinic corridor, Case Western, and the University Circle areas to the local community,” said Kirsten Stuver, Director of Property Management for Signet Real Estate Group. “Our mission is resident-focused; offering all the conveniences that students and young professionals desire in a location that is unmatched in relation to all that Cleveland’s Greater Circle Living area has to offer.” Special pre-leasing rates are currently available.

With Design Partners Moody Nolan and Construction Partners Marous Brothers Construction, Axis at Ansel will open in August 2020.

For further information and leasing details, visit Axis at Ansel's newly launched webpage at http://www.axisatansel.com.

About Signet Capital, LLC
Signet Capital, LLC, is a boutique investment banking and structured finance services firm with extensive structuring and distribution capabilities for debt and equities securities. Signet Capital is able to effectively place and syndicate securities through our strong relationships with financial institutions, private equity firms and other investors providing access to unique sources of capital. Transaction execution is provided by Signet Securities, a FINRA, SIPC, and MSRB member broker dealer. Visit Signet-Capital.com.

About Signet Real Estate Group
Signet Real Estate Group, a Signet LLC company, is a full-service development and project management firm in the areas of higher education, health care, research, public-private partnerships, and strategic infrastructure. The company transforms complex development challenges into collaborative opportunities through a creative, flexible, and customized approach. Since the firm’s inception, Signet and its family of companies have successfully managed and currently have in progress more than $5 billion in real-estate development and construction throughout the U.S. Learn more at http://www.signetre.com.

About Axis at Ansel
Axis at Ansel is an approximately 143,000 square foot, 163-unit, 204 bed student and young-professional housing project anchored by approximately 1,000 square feet of street front retail space. Centrally located on Cleveland’s East Side, the community-driven, energy-efficient apartment building is within walking distance of Case Western Reserve University, Cleveland Clinic Health Education Campus, and University Circle.

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Joel Maas
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