Nationwide financing helps restore Midwest architectural gem with affordable housing
A Dayton, Ohio-landmark that spent decades shuttered and decaying is on the path to restoration with the opening of affordable and market-rate loft apartment units, financed in part by Nationwide.
The Dayton Arcade, a 500,000-square-foot, nine-building collection of historic downtown structures, is now home to The Lofts at the Dayton Arcade. Opened on Oct. 19, 2021, by the city of Dayton and project developer McCormack Baron Salazar, the development is made up of 110 loft apartment units, 103 of which are being leased at below-market, affordable rates.
Nationwide participated in the financing of the $37.95 million Dayton Arcade Lofts, along with the Ohio Capital Finance Corporation, the Ohio Capital Corporation for Housing, the city of Dayton, RBC Capital Markets, Fifth Third Bank, the Ohio Housing Finance Agency, McCormack Baron Salazar, CrossStreet and Model Group.
“Nationwide is pleased to be involved in this momentous re-opening of such a meaningful landmark for the downtown Dayton area,” Nationwide Chief Investments Officer Joel Coleman said. “We are thrilled that our investment will help to ensure the preservation of the Dayton Arcade and enable the opportunity to provide much-needed housing and retail space to support this community.”
With its ornate exterior facades and soaring rotunda at the center of the complex, the Dayton Arcade has long been a point of pride for the Miami Valley region. The project features one-, two-, and three-bedroom units with accessible universal design features and energy efficient components. Project amenities include a multi-purpose room, a fitness center, theater room and a workforce training room. Common areas include artist studios, a gallery for display of resident artwork and a public lounge for interaction between resident artists and the public. Residents are within close walking distance of a wide variety of community services, including a neighboring bank, pharmacy, and public transportation.
Units are being marketed to Dayton-area artists and creative entrepreneurs.
For more information about Nationwide’s efforts to promote affordable housing, read Nationwide’s 2020 Corporate Sustainability report.