High Rock presently is serving as development advisor to the developer of 2125 Superior Ave, Cleveland, OH, a $12.0M adaptive reuse project located in the Superior Arts District of downtown Cleveland.  The project will ultimately produce 58 market-rate apartment units, with a mix of studio, one-bedroom, two-bedroom, and two-level townhouse units.  Units will feature exposed brick, stainless appliances, washer/dryer, and high speed connectivity; many also will feature large industrial windows, with views to the north and south, and into the interior courtyard.  Corridors will be classic double-loaded configuration, with east and west elevations featuring new window penetrations on previously sheer brick facades.

Building amenities include a 2,200 s.f. food and beverage café on the first floor, which will incorporate an historic garage structure in southeast corner of the building.  Through use of overhead doors, the café also will utilize 2,000 s.f. open courtyard in center of the building, as weather permits. The Café also will feature alfresco seating for dining and socializing.  The courtyard will be open to residents on 24/7 basis and will feature a linear fire pit and landscaped seating areas throughout. The property will be pet friendly, featuring an outdoor fenced “play lawn” and pet washing station on the lower level.

High Rock oversees critical financial components of the project, including:

  • Sourcing and negotiation of senior financing
  • Sourcing and negotiation of federal historic credit equity, Ohio historic credit equity, and pre-NPS Part 3 bridge financing
  • Port of Cleveland master lease structure (bond issuance)
  • City of Cleveland tax abatement program processes
  • Construction contract negotiation
  • Primary interface with title company, market study specialist, environmental consultant
  • Primary interface with Ohio Development Services Agency (Ohio tax credit matters)
  • Tax projections, in conjunction with RSM US
  • Primary point of developer contact on all legal documentation
  • Closing processes
  • Establishment of all project and entity banking functions
  • Construction draws
  • Final funding of all tax credit equity in compliance with investor requirements