Sep
01
Cleveland’s Historic Standard Building Ready for Makeover
ByBGL Real Estate Advisors secured $81 million for Weston’s conversion of the downtown landmark.
Cleveland Standard Building
Cleveland—BGL Real Estate Advisors LLC has completed the arrangement of $81.0 million in development financing for Weston Inc.’s conversion of the historic Standard Building in downtown Cleveland into high-end apartments, BGL announced Tuesday.
The multi-faceted capital structure consists of:
The financial institutions included were Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank and Cleveland Development Advisors, while the Ohio Water Development Authority and Ohio Development Services Agency also were represented in the transaction. Piper Jaffray, the Port of Cleveland, RSM US LLP and Stonehenge Capital were involved with the capital lease and historic tax credit equity structuring and syndication…
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