Oct
25
BGL Completes $60M Financing for Mixed-Use Project in Cleveland
ByThe transaction will allow for an adaptive reuse of a former historic site as well as a ground-up development of high-end market-rate apartments.
The Forest City Savings and Trust building in Cleveland (image via Google Street View)
Cleveland—Brown Gibbons Lang & Co. Real Estate Advisors (BGL) has completed a $60 million residential and commercial mixed-use financing for Snavely Group. The multi-faceted financing will support the adaptive reuse conversion of the former historic Forest City Savings and Trust building, as well as the ground-up development of a high-end, market-rate apartment community in Cleveland.
The development will be located at the intersection of West 25th Street and Detroit Avenue, transforming three of the four corners of the intersection. The financing will allow for the construction of 194 Class A apartment units with premier amenities at the northwest corner, 250 enclosed and secured parking spaces (180 spaces will be underground), second-floor pool and amenity deck, a 1,750-square-foot fitness center, 1,900-square-foot community room and a 1,500-square-foot boutique grocery and convenience store…
BGL Completes $60M Financing for Mixed-Use Project in Cleveland
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