By Laura Calugar
Brown Gibbons Lang Real Estate Advisors closed on financing for the acquisition, rehabilitation and construction of Quay 55, a luxury community on the near east side of downtown Cleveland, for The Landmark Cos. The project capitalization included a $20.3 million senior acquisition loan provided by Prime Finance Partners. BGL worked closely with the Pinnacle Financial Group, and the financing also included a preferred equity investment from Tryperion Partners.
Situated at 5455 N. Marginal Road, the property lies on the Lake Erie shoreline, minutes away from Interstate 90 and less than four miles from downtown Cleveland. Landmark acquired the 138-unit asset from Deancurt Realty Group in June. The new owner renamed the property The Shoreline and is planning a $400,000 revamp of the building.
Built in 1929, the historic property’s original use was for off-loading and a trans-shipment point for various goods. Repurposed in 2003 as 138 luxury apartment units, The Landmark Cos. now plans to convert an entire floor of unused interior parking garage space into 29 apartments, bringing the total number of units to 167. The property includes 20,000 square feet of retail space.
“BGL’s access to national capital markets and expertise in the needs of debt and equity investors was crucial in our acquisition of the property,” said The Landmark Cos. Co-Founder & Managing Partner Bob Rains, in a prepared statement.
Image courtesy of Brown Gibbons Lang & Co.