Stark Enterprises Inc. and Solon-based real estate investor Reuven Dessler plan to break ground on the 26-story tower in less than three months.
The investment brings the bank’s investment, in partnership with Ohio Capital Corp. for Housing, to more than $500 million since 2010.
The company secured the loan from Related Fund Management for the development of Centric Apartments, a 272-unit community.
The development has received zoning approval, with plans including luxury apartments, retail, a hotel and more.
The 70-unit Parkview Estates Apartments in East Cleveland, Ohio was bought by Florida-based investors for $850,000, or $12,142 per unit.