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. The team also secured co-GP equity investment with LCI Development Partners – an affiliate of Leopardo Companies which is acting as general contractor on the project.
Set to deliver early 2025 – this seven story community at 1060 Bolivar Rd will be an adaptive re-use project built atop a refurbished three story 277 space parking garage.
“Residences at Bolivar is testament to capital’s appetite for uniquely positioned development opportunities spearheaded by first class developers like SomeraRoad and LCI Development Partners,” said Haass about this opportunity zone investment opportunity .
Multifamily and Adaptive Reuse Trends are among industry topics that will be discussed during Connect Midwest taking place June 13th 2023 at W Chicago City Center Hotel – click here for more information or register now!
