Fieldstone Apartments
Cincinnati, Ohio |
The Property
Fieldstone is a 266-unit, Class "A" multifamily rental community built in 2001. The property is well located in Woodlawn, an affluent suburb on the northern side of Cincinnati, OH. This submarket has high barriers to entry for new development and has historically commanded among the highest rents in the area. The Cincinnati MSA has a balanced and diverse economy and modest population growth is projected over the next five years. |
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Paladin Advantage
Paladin REIT's 65% investment in this joint venture
is structured as "preferred equity". The joint venture partner is Buckingham Companies and is not affilated with Paladin REIT. Paladin REIT will receive a priority return of 8.25% annually on its invested equity from available cash flow and a priority return of its equity plus a return upon sale. In exchange for these priority distributions, our joint venture partner may receive additional cash distributions above its 35% ownership of the property. This structure provides a higher current return and capital preservation protection to Paladin REIT while preserving the opportunity for asset appreciation. |
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| Investment Date |
December 2006 |
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| Total Capitalization |
$22,800,000 |
| Debt |
16,500,000 |
| Equity |
6,300,000 |
| Paladin REIT Investment |
4,095,000 |
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