ErieView Development has closed on a $218 million financing package to convert the Erieview Tower in Cleveland, Ohio, into a mixed hospitality and residential property anchored by a W-branded hotel. The 40-story building, originally completed in 1964 and recognized as a local landmark, is being repositioned into a new flagship destination while retaining its historic profile on the Cleveland skyline.
The redevelopment program calls for the creation of the W Cleveland hotel, which is planned as a 210-key property and is expected to become the first W Hotel in Ohio. In addition to the hotel component, the project will introduce 215 W Apartments that will be offered for rent rather than for sale, a structure described as a first for the W brand anywhere in the world. The repositioning will add hospitality-focused amenities to the tower while extending the building’s use into multifamily rental.
Nuveen Green Capital has provided $93.4 million in Commercial Property Assessed Clean Energy (C-PACE) financing to support the conversion. According to the parties involved, this C-PACE tranche represents the largest such transaction closed to date in the state of Ohio. Complementing the C-PACE capital, ERIEBANK, a division of CNB Bank, is supplying $20 million in senior financing for the project, giving the capital stack a combination of alternative and traditional debt structures.
The planned program for Erieview Tower’s transformation includes the hotel rooms, the new rental apartments, and a suite of food-and-beverage and event offerings. Designs call for a restaurant and bar integrated into the hospitality component, as well as a 15,000-square-foot ballroom intended to support meetings, events, and large-format gatherings. At a total investment of $218 million, the W Cleveland conversion ranks among the largest single-building redevelopment efforts currently underway in Ohio.
BGL Real Estate Advisors served as financial adviser to the developer on the transaction, working with ErieView Development to assemble and close the financing structure. Erieview Tower, which dates back to 1964, remains Cleveland’s fifth-tallest building and is listed on the National Register of Historic Places, underscoring the asset’s architectural and historical significance as it enters a new phase of use.
The combination of hotel, rental residential units, and event space positions the reimagined tower as a multi-use destination within downtown Cleveland, supported by a financing package that blends C-PACE capital with bank-originated senior debt. The project illustrates how historic high-rise properties can be repositioned at scale through structured financing in order to meet contemporary hospitality and residential demand.
