Bellwether Enterprise Real Estate Capital LLC closed a $93 million refinancing loan for the Flats at East Bank Apartments, a luxury multifamily and mixed-use retail property in downtown Cleveland.
“Our work with the Flats at East Bank Apartments not only adds to our comprehensive portfolio of work nationwide, it also builds on our strong presence in Cleveland—a booming business hub, attractive city for young residents, and the home of our national headquarters,” said Ned Huffman, president of Bellwether Enterprise. “By leveraging our unmatched and deep-rooted regional knowledge, the Bellwether Enterprise team was able to secure a competitive and customized loan that further positions the property as a focal point within the Cleveland community.”
Located in Cleveland’s waterfront district, the Flats at East Bank Apartments features 241 penthouse, one-, two- and three-bedroom units. In addition to community amenities such as a fitness center, business center, outdoor swimming pool available to tenants, outdoor grills and deck on the third level, and 24/7 concierge service, individual units feature premium appliances and floor-to-ceiling windows with panoramic lake, river, and downtown views.
The eight-story building also includes 60,000 square feet of retail space, giving tenants access to 13 onsite restaurants such as Rascal Flats, Thirsty Dog Brewing, and Punch Bowl Social. The property also features a 241-space parking garage.
Jim Doyle, senior vice president of Bellwether Enterprise in the Cleveland office, arranged the loan for the Wolstein Group using Rialto as the lender to refinance a bridge loan arranged for the property in 2017 by Bellwether Enterprise. The first mortgage loan was structured with an “A” note and “B” note structure in which Apollo Global Management funded the “B” note.
