Good Friday, indeed.
In early April, IPS Enterprises, Inc. closed an acquisition loan to fund its first foray into the Buckeye State. Slated to open in fall 2022, the campus will be located at the former Cincinnati Christian University (CCU) site on Glenway Avenue, will be leased to IDEA Greater Cincinnati and will mark IDEA’s latest expansion effort. The roughly $15 million acquisition funding used senior debt from Central Bank & Trust (CB&T) of Lexington, KY, which had been the lender to CCU. Our good friends at BlueHub Capital and their partners at LISC provided sub debt, and IPS and Accelerate Great Schools contributed a total of $750K in cash to the deal.
The total costs associated with the acquisition and subsequent renovation of the CCU campus are expected to come in about $26 million, which is expected to be funded with a construction loan from both CB&T and Blue Hub/LISC to close later this summer. Please stay tuned.
Buck Financial Advisors served as financial advisor to IPS. Hunton Andrews Kurth served as borrower’s counsel. Krokidas and Bluestein LLP served as lead counsel to BlueHub and LISC. The best-in-the-business real estate team of PMSI as construction manager and InSite as real estate broker & demographics served in those capacities. Frost Brown Todd LLC served as counsel to CB&T.
Congratulations to IPS and the future students and families of IDEA Greater Cincinnati.