JLL Capital Markets arranged $38.5 million in construction financing, in addition to co-GP equity, for Residences at Bolivar, a 184-unit, Class A, luxury multifamily development located within an Opportunity Zone in downtown Cleveland.
The JLL Capital Markets Advisory Team of Leon McBroom, David Gaines, Lucas Borges and Will Haass represented the borrower, SomeraRoad Inc., to arrange the construction loan through a Midwest-based regional bank. JLL also secured co-GP equity investment with LCI Development Partners, an affiliate of Leopardo Companies, which is acting as the general contractor on the project.
Set to deliver in early 2025, the seven-story community at 1060 Bolivar Rd. will be an adaptive re-use project built on top of a refurbished, three-story 277-space parking garage.
“Residences at Bolivar is a testament to capital’s appetite for uniquely positioned development opportunities, spearheaded by first class developers like SomeraRoad and LCI Development Partners,” said Haass.
Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register.
The post JLL Arranges Debt and Equity on Cleveland Luxury Apartment Project appeared first on Connect CRE.
JLL Capital Markets arranged $38.5 million in construction financing, in addition to co-GP equity, for Residences at Bolivar, a 184-unit, Class A, luxury multifamily development located within an Opportunity Zone in downtown Cleveland. The JLL Capital Markets Advisory Team of Leon McBroom, David Gaines, Lucas Borges and Will Haass represented the borrower, SomeraRoad Inc., to …
The post JLL Arranges Debt and Equity on Cleveland Luxury Apartment Project appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate
