The Northeast Ohio Development and Finance Authority provided capital lease financing for a student housing project called YSU Enclave, utilizing the unique financing ability of the Western Reserve Port Authority.
The Northeast Ohio Development and Finance Authority assisted Youngstown Campus Associates LLC, the developer of the Enclave project. Financing construction of 62 residential units with 14,000 square feet of ground level retail space and surface parking space sufficient to accommodate the residential and commercial needs. Located on Wick Avenue and corner of Lincoln, adjacent to Youngstown State University campus.
Youngstown State University sees a growth market in student housing and in the volume of guests coming to the region. The student housing facility constructed for lease with the issuance of Port Authority bonds up to $14,000,000, to be paid with rental payments under the capital lease.
The Western Reserve Port Authority’s financing solutions help reduce construction costs for the mixed-use, retail/apartment complex. This project promises to improve student life while revitalizing the neighborhoods surrounding campus and downtown Youngstown.