Capitalization secured for luxury Cleveland multi-housing development
JLL Capital Markets arranged both the construction loan and Co-GP equity for the 184-unit Residences at Bolivar in downtown Cleveland, Ohio
DENVER, May 22, 2023 – JLL Capital Markets announced that it has arranged $38.5 million in construction financing, in addition to Co-GP equity, for Residences at Bolivar, a 184-unit, Class A, luxury multi-housing development with 2,611 square feet of ground-floor retail located in downtown Cleveland, Ohio.
JLL represented the borrower, SomeraRoad Inc., to arrange the $38.5 million loan through a Midwest-based regional bank. JLL also secured Co-GP equity investment with LCI Development Partners, an affiliate of Leopardo Companies, who is acting as the General Contractor on the project.
Set to deliver in early 2025, the seven-story community will be an adaptive re-use project that is built on top of a refurbished, three-story 277-space parking garage. The property will feature studio, one-bedroom and two-bedroom units averaging 703 square feet. The development will offer luxury unit finishes and a highly impressive amenity package, including a resort-style pool, sun deck, resident lounge, fitness center, package room and bike storage. The exterior of Residences at Bolivar will pay homage to the neighborhood’s historic roots, while the interior will support high-end living.
Situated at 1060 Bolivar Road, within an Opportunity Zone, Residences at Bolivar will be located within the core of the Cleveland CBD in the highly walkable Gateway District. It will be bounded by Bolivar Road, East 9th Street and Erie Court, and the property’s central location creates the opportunity for a live-work-play-stay destination. Residents will be minutes from Progressive Field, Rocket Mortgage Field House, countless bars, restaurants and venues, as well as adjacent to an office property also owned by SomeraRoad. The community will offer phenomenal access to Interstate 90 and Highway 20 via East 9th Street and will be proximate to the various public transportation stops that provide access to the Tower City Center, which is only .5 miles from Bolivar Road.
The JLL Capital Markets Advisory Team representing the borrower was led by Senior Managing Director Leon McBroom, Managing Director David Gaines and Directors Lucas Borges and Will Haass.
“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 Director Will Haass. “Cleveland saw 15.3% rent growth year-over-year and has proven to be a resilient market. Residences at Bolivar will be a welcomed new construction offering to the market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
SomeraRoad Inc. is a commercial real estate investment and development platform with headquarters in New York and Nashville, and additional offices in Kansas City, Indianapolis, Austin, Pittsburgh, and Cleveland. Since launching in 2016, the firm has taken an entrepreneurial and opportunistic approach to commercial real estate across a wide range of asset classes, geographies, investment products, and risk profiles. At its core, SomeraRoad aims to navigate complex structures, identify market dislocations, craft an asymmetric risk profile, and align its interest with its investors. SomeraRoad invests in and develops CRE across a variety of product types (office, industrial, multifamily, retail, hotel) in 50+ U.S. geographies, and they’ve transacted on over $2.2B of investments, utilizing nearly $900M of equity during their history. They’ve evolved into a diversified, vertically integrated platform with a reputation for solving complex problems, becoming local experts, and aggressively executing their business plans.
About LCI Development Partners
LCI Development Partners is national real estate investment and development company based in Chicago. The firm partners with developers and sponsors across multiple asset classes and across the country. Through their partnership with Leopardo Companies, a national contractor, LCI strives to provide transparency and certainty of execution in the real estate development process. For further information, visit lcidp.com.