JLL Capital Markets arranged $38.5 million in construction financing, as well as co-GP equity, for the 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 loan through a Midwest regional bank and secure co-GP equity investment with LCI Development Partners (an affiliate of Leopardo Companies) who is acting as general contractor on the project.
Set to deliver in 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 indicative of capital’s appetite for uniquely positioned development opportunities spearheaded by first class developers like SomeraRoad and LCI Development Partners,” said Haass.
The upcoming Multifamily & Adaptive Reuse Trends event taking place June 13th 2023 at W Chicago City Center Hotel provides industry professionals with an opportunity to learn more about such projects from experts across various disciplines including finance & investments; architecture & design; engineering; legal services etc.. For more information or registration please visit their website directly
