Reading Road Suites – Cincinnati, OH
Clearinghouse CDFI (CCDFI) provided a $12,000,000 loan to 2347 Reading Road, LLC to refinance an existing construction loan to help stabilize a hotel property in Cincinnati.
In 2021, Reading Road Suites opened as the first majority black-owned hotel in Cincinnati and a certified Minority Business Enterprise (MBE) in the State of Ohio. Strategically positioned, this hotel not only serves as a residence for University of Cincinnati students but also aligns with the city’s key attractions, enhancing connectivity and fulfilling urban needs. The hotel offers 113 rooms, comprising 71 Comfort Suites and 42 MainStay Suites. Each hotel is equipped with amenities including an indoor pool, fitness center, business center, and guest laundry room. Financing provided by CCDFI supports the refinancing of an existing construction loan on the hotel property and buys out existing Class A shareholders.
2347 Reading Road, LLC, founded in September 2017 in Ohio, launched a 113-key, dual-branded hotel in Cincinnati as a certified MBE in June 2021. Under the leadership of Chinedum Ndukwe, this enterprise is a testament to a profound commitment to diversity and community engagement in the hospitality sector.
Read the full story here: Just Funded – 2347 Reading Road, LLC
- Supports stabilization of majority black-owned hotel and certified Minority Business Enterprise
- Provides ownership simplification
- Meets housing demands for University of Cincinnati students
- Generates direct hotel staff job opportunities as well as indirect construction job opportunities
Replaces and refinances existing construction loan on hotel property and buys out Class A shareholders
