Doug Pelfrey, one of the Cincinnati Bengals’ all-time leading scorers, is going to invest over $25 million in multifamily housing across the Cincinnati metro, according to the Cincinnati Business Courier.
Pelfrey, place kicker for the Bengals from 1993 to 1999, is the co-founder of Blue Tide Partners, a real estate investment firm. He and his partner, Tom Miller, recently secured a $25 million bridge loan from Columbia Pacific Advisors to acquire a nine-property portfolio in the Greater Cincinnati area.
The portfolio encompasses 435 units across the nine, value-add properties which are in need of significant rehabilitation before they are up to snuff.
"Despite the very clear need in the marketplace, it is very difficult to get conventional financing to acquire and improve multifamily properties in need of significant rehab," Miller said in a statement.
"Columbia Pacific Advisors understood the asset class, the need in the market and were confident in our ability to meet the challenges," he added.
Pelfrey and Miller anticipate sinking about $50 million into their properties for renovations and expect to finish the upgrade program by June next year.