Glenbridge Manors

Esterad Bank and its investors hold a 90 per cent stake in this ‘garden and townhouse-style’ gated community, which comprises 274 apartments set amid scenic landscaping and extensive amenities. Located in one of Cincinnati’s most desirable residential areas, Glenbridge Manors is rated as a grade ‘A-‘ high-quality asset with a superior location. At the date of acquisition, Glenbridge Manors was expected to provide investors with quarterly distributions equating to an annual cash-on-cash return of 8.5 per cent. However, returns were temporarily affected during the second half of fiscal 2020 due to the impact of COVID-19 on occupancy levels and defaults.

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