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JLL Arranges Debt and Equity on Cleveland Luxury Apartment Project

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, which is acting as the general contractor on the project. 

Set to deliver in early 2025, the seven-story community at 1060 Bolivar Rd. will be an adaptive re-use project built on top of a refurbished, three-story 277-space parking garage.  

“Residences at Bolivar is a testament to capital’s appetite for uniquely positioned development opportunities, spearheaded by first class developers like SomeraRoad and LCI Development Partners,” said Haass.

Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register. 


Inside The Story

JLL's Haass

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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