BGL Real Estate Advisors Arranges $81M Loan for Redevelopment of Historic Cleveland Building

CLEVELAND — BGL Real Estate Advisors LLC has arranged an $81 million construction loan for Weston Inc. The company plans to convert the Standard Building, which was originally built for Standard Bank in the 1920s, into a mixed-use building. The building is currently used as Class B office space and will be transformed into luxury apartments with ground-floor retail. Financing consisted of senior construction debt, subordinated bridge debt, municipal city and state agency debt, Federal and State Historic Tax Credit Equity, and Weston equity. Companies involved in the financing include The Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank, and Cleveland Development Advisors, as well as multiple city and state agencies including the Ohio Water Development Authority and Ohio Development Services Agency.