KeyBank Institutional Advisors and KeyBank Community Development Lending and Investment (CDLI) provided $30 million of financing to the Cleveland Foundation for the construction of the 95,000-square-foot Midtown Collaboration Center in Cleveland’s MidTown and historic Hough neighborhoods.
The Center will be adjacent to TCF headquarters and aims to be both regionally significant and locally transformative.
KeyBank Institutional Advisors provided a $23.7 million loan to fund the new construction of the Center. Partners in this project include Case Western Reserve University (CWRU), University Hospitals (UH), the Cleveland Institute of Art (CIA), Hyland Software, and the Economic & Community Development Institute (ECDI), the country’s largest SBA micro lender.
KeyBank CDLI provided a $6.3 million equity investment in the New Market Tax Credits. The Center will house partners including CWRU’s new Center for Population Health Research, UH’s new Diabetes Research and Wellness Center, CIA’s new Interactive Media Lab, Hyland Software Training Center, JumpStart offices, ECDI – SBA Lending Center and Women’s Resource Center, and the Brewery/Taproom (BIPOC-owned) & community-led music venue.
The Center will bridge Cleveland’s downtown business center with its University Circle academic hub, bringing together multiple sectors and companies under one roof, to create a new model for a “both and” approach to economic activity that centers around community. The project builds upon the momentum of the adjacent Cleveland Foundation’s Headquarters project. Together, these two buildings represent the first of eight proposed structures in the planned 12-acre civic district.
