Bellwether Enterprise Arranges $80M Refinancing for 241-Unit Apartment Complex in Cleveland
CLEVELAND — Bellwether Enterprise Real Estate Capital LLC has arranged $80 million in refinancing for the Flats at East Bank Apartments, a 241-unit multifamily asset in Cleveland.
Jim Doyle of Bellwether arranged the loan through Deutsche Bank, AG, on behalf of an undisclosed borrower.
Built in 2016, the rental property offers penthouses, in addition to one-, two- and three-bedroom units. Amenities include a business center, 24-hour fitness center, 40,000-square-foot outdoor terrace and 24/7 concierge and room services.
According to the property’s website, one-bedroom units range from about 700 to 1,200 square feet per unit and rent for $1,700 to $2,200 per month, depending on size.
Two-bedroom units average approximately 1,400 square feet per unit and three-bedroom units average about 1,600 square feet per unit. Average rents for these apartments vary based on size.
The building also houses 61,016 square feet of retail space primarily leased to food and beverage establishments. Current tenants include Punch Bowl Social, Beerhead Bar and Eatery and Big Bang Dueling Piano Bar. Several other food and beverage companies, including Thirsty Dog Brewing Co. and Dante’s Inferno, were recently added to the tenant roster.
The complex is located at 1055 Old River Road on the city’s waterfront district. It is situated along the Cuyahoga River within two miles of First Energy Stadium, Quicken Loans Arena and Progressive Field.
Bellwether, which is headquartered in Cleveland, is a subsidiary of Enterprise Community Investment LLC, a nonprofit lender and developer specializing in low-income housing.
— Taylor Williams