Cleveland Luxury Property Receives $93M Refi

Bellwether Enterprise's Flats at East Bank Apartments is an eight-story, 241-unit community that features 13 restaurants.
Flats at East Bank Apartments
Flats at East Bank Apartments

Bellwether Enterprise has closed a $93 million refinancing loan for Flats at East Bank Apartments, a luxury multifamily and retail property in Cleveland, Ohio. The credit facility, originated by Rialto for Wolstein Group, was used to refinance a bridge loan arranged for the property in 2017 by Bellwether Enterprise.

Located at 1055 Old River Road, the 2015-built asset is in Cleveland’s waterfront district. The eight-story property features 241 one-, two-, and three-bedroom units, including penthouses as well as a parking garage and 60,000 square feet of retail space, including 13 on-site restaurants.

Common-area amenities include a fitness and business center, outdoor swimming pool, clubhouse, outdoor grills and deck on the third level. Individual units feature floor-to-ceiling windows with panoramic lake, river and downtown views. According to Yardi Matrix data, the property managed by Village Green Management, was fully occupied at the time of the deal.

Jim Doyle, senior vice president of Bellwether Enterprise in the company’s Cleveland office, arranged the loan. Recently, Bellwether arranged a $51 million refinancing for a multifamily and mixed-use community in Bellevue, Wash.

Image courtesy of Yardi Matrix