Approximately US$38.5 million in construction financing has been secured for Residences at Bolivar, a Class A luxury complex in Ohio. Acquired by SomeraRoad Inc, the financing which includes an additional Co-GP equity, was arranged by JLL Capital Markets.
The seven-story community will be an adaptive reuse project in Cleveland, Ohio. Particularly the development will be located at 1060 Bolivar Road, in an Opportunity Zone. This is in the heart of Cleveland’s Central Business District, in the incredibly walkable Gateway District.
Due to its prime position and proximity to Bolivar Road, East 9th Street, and Erie Court, the area might serve as a live-work-play-stay destination.
Features and amenities
The Residences at Bolivar will feature a total of 184 residential units including studio, one-, and two-bedroom apartments. The units will have average square footage of 703 feet.
A resort-style pool, sun deck, resident lounge, fitness centre, package room, and bike storage are among the development’s luxurious unit finishes and excellent amenity package. The Residences at Bolivar will promote upscale living inside while paying attention to the neighbourhood’s historic heritage on the exterior.
It will be constructed on top of a three-story, 277-space parking garage that has been renovated. In addition to the parking garage, the development features 2,611 square feet of ground-floor retail space.
Connectivity and remarks on the Residences at Bolivar, Ohio
Due to its location, residents will be close to Progressive Field, Rocket Mortgage Field House, and a wide variety of pubs, restaurants, and entertainment places. SomeraRoad’s office building will also be right next door.
The neighbourhood will be close to the many public transportation connections. They provide access to the Tower City Center, which is only 5 miles from Bolivar Road. Additionally, they will have fantastic access to Interstate 90 and Highway 20 via East 9th Street.
“Residences at Bolivar is a testament to capital’s appetite for strategically located development possibilities, led by top-tier developers like SomeraRoad and LCI Development Partners.
Cleveland’s rent increased by 15.3% year over year, demonstrating the market’s resilience. The Residences at Bolivar will be a welcome addition to the market’s new building offerings, according to Director Will Haass.