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ErieView Development Closes $218M in Financing for Cleveland Conversion Project
ErieView Development announced the closing of financing for the $218 million conversion of Erieview Tower in Cleveland, Ohio.
The project will transform the 40-story 1964 landmark into the 210-key W Cleveland hotel, expected to be the first W Hotel in Ohio, and 215 W Apartments offered for rent rather than for sale, a first for the brand worldwide.
Nuveen Green Capital provided $93.4 million in C-PACE financing for the redevelopment, the largest C-PACE transaction closed in Ohio. ERIEBANK, a division of CNB Bank, is providing $20 million in senior financing.
The redevelopment will include apartments, a restaurant and bar, along with a 15,000-square-foot-foot ballroom. At $218 million, W Cleveland is among the largest single-building redevelopments underway in Ohio.
BGL Real Estate Advisors served as the financial adviser to the developer. Erieview Tower was completed in 1964 and remains Cleveland’s fifth-tallest building, and is listed on the National Register of Historic Places.
