ErieView Development has closed approximately $217.6 million in financing for the residential and hotel phases of the Erieview Tower and Galleria redevelopment in downtown Cleveland. Brown Gibbons Lang & Company’s Real Estate team served as exclusive financial advisor on the financing.
The financing package includes $93.4 million of C-PACE capital from Nuveen Green Capital, representing the largest C-PACE financing completed in Ohio. ERIEBANK, a division of CNB Bank, is providing $20 million of senior financing.
Foss & Company invested in Ohio Historic and Transformational Mixed-Use Development tax credits and provided bridge financing against those credits. Consortium Structured Investments invested in federal historic tax credits, while Midland States Bank provided federal historic tax credit bridge financing.
Cuyahoga County provided a loan supporting the hotel component. The capital stack also incorporates Ohio Brownfield Remediation Program funding, City of Cleveland tax abatements and tax increment financing, and incentives from the Cleveland-Cuyahoga County Port Authority.
The project will redevelop the 40-story Erieview Tower, a 1964 landmark at East Ninth Street and St. Clair Avenue, into a 210-room W Cleveland hotel and 215 W Apartments. The hotel will be the first W Hotel in Ohio, while the apartments will be the first W-branded residences globally to be offered exclusively for rent rather than sale.
Both components are scheduled to open in 2027.
Planned amenities include a 38th-floor restaurant, spa, fitness center, approximately 15,000-square-foot ballroom, lobby lounge, enclosed parking, and integrated food and beverage service for residents, office tenants, and hotel guests.
BGL worked with Kohrman Jackson & Krantz, while other parties involved in the project include Berardi + Partners, TurnDev, Turner & Townsend, Novogradac & Company, Beyer Blinder Belle, and Rockwell Group.
KEY QUOTES:
“BGL brought both creativity and discipline to a highly complex capital structure, helping us bring together the right financing partners to move this landmark redevelopment forward. Their understanding of historic redevelopment, structured finance, and the Cleveland market was instrumental in helping us reach this important milestone. This project has always been about more than one building. It is about honoring Erieview Tower’s legacy while creating new energy for East Ninth Street and downtown Cleveland for generations to come.”
Elias Kassouf, ErieView Development
“This was a highly meaningful financing for BGL, not only because of the scale and complexity of the transaction, but because of what it represents for Cleveland. BGL’s founder, the late Mike Gibbons, was a strong advocate for high-quality multifamily housing across the Midwest, and Northeast Ohio is exactly the kind of market where that vision continues to resonate. Cleveland’s momentum, combined with the strength of the Erieview redevelopment, helped make it an ideal setting for Marriott to introduce Ohio’s first W hotel and the first W Apartments offered for rent anywhere in the world.”
Anthony Delfre, Managing Director at BGL
