TriVersity Construction bakes its purpose and values into the healthcare and community projects it completes. But when it came time to expand with a new corporate headquarters, investing in a transitional neighborhood brought unique challenges—and opportunities.
Cincinnati — founded in 2005
Commercial construction specializing in urban/community and corporate projects
Find common ground with partners and involve the community.
Commercial real estate is evolving. Companies, banks, and communities are working closer on lasting solutions that are good for both businesses and people. A great example is TriVersity Construction, a community-focused commercial construction company in Cincinnati. When it came time for TriVersity to find a new headquarters, they made a commitment to move into one of the city’s transitional areas called Walnut Hills. Truist brought a shared purpose—and creative financing options. Here’s how the partnership unfolded.
Triversity CEO Mel Gravely on the partnership with Truist
Model : "disclaimer"
Position : "left"
[Mel Gravely, CEO, TriVersity Construction]
Mel Gravely: We are thrilled that Truist is the banker for this facility. It's the largest investment we've ever made. Everyone around our table, on our side, wanted to do business with Truist, because it was evident from the start that they were going to be the right solution for us.
Again, I'm not talking about the terms of the deal. I'm talking about the creativity and the flexibility and the interest in what we were really trying to accomplish.
Be flexible and explore creative deal options.
When TriVersity invited Truist to bid on financing the project, Gravely was already committed to the Walnut Hills neighborhood and had a specific property in mind. Hawking and his Truist team quickly realized that a traditional commercial real estate financing structure might not work.
“Most other banks looked at this as an investor real estate project,” Hawking says. “So, they were applying vacancy rates, they were applying stress rates, they were looking at manager costs. They were looking at a lot of different factors that are specific to investor (focused) real estate.
“We looked at this as an owner-occupied project, and we were the only ones to do it. That gave us a lot more latitude on how we underwrote, and how we looked at the cash flow.”
That flexibility in exploring options helped Truist put together the winning package for TriVersity.
Keep track of the big picture by building long-term relationships.
Both entities see the project as a component of a long-term strategy to support diversity in businesses and invest in up-and-coming neighborhoods. For example, Truist contributed $3 million to the Minority Business Accelerator fund of Cincinnati.
Gravely says he’s thrilled that Truist won the business, and he values the partnership.
“It’s the largest investment we’ve ever made ... and Truist is our partner in it,” Gravely says. “I’m thrilled because Truist took a long-term view of our relationship, and this was the opportunity that brought us together.”
“I see the partnerships that continue to build,” Watkins says. “I see the personal touch, not just being an entity. As we try to partner with our customers—that’s part of our mantra—we see that same thing in Truist.”