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. JLL also secured co-GP equity investment with LCI Development Partners – an affiliate of Leopardo Companies 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 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.”
The upcoming Multifamily and Adaptive Reuse Trends event taking place June 13th 2023 at W Chicago City Center Hotel provides industry experts with opportunity explore these trends further – more information available here along with registration details .
