Cleveland Development Advisors (CDA), an affiliate of the Greater Cleveland Partnership, closed on a $5 million loan for Stark Enterprises’ new project, The Beacon.
The 20-story residential tower will be built on top of the garage located at 515 Euclid Avenue in downtown Cleveland. It will feature 187 one- and two-bedroom luxury units. Building amenities include a rooftop party room, patio and dog park, plus a fitness room with a yoga studio.
The Beacon, which will open in 2019, will be the first high-rise residential building constructed in downtown Cleveland in decades.
CDA’s mission is to invest in real estate and business projects intended to attract additional development with the overall goal of improving the character and vitality of Greater Cleveland.
It has been committed to urban housing, helping to create over 5,300 new residential units in the city. It has invested in numerous housing projects along East 4th Street, Euclid Avenue, the Warehouse District and University Circle.
CDA also has been successful in investing New Markets Tax Credits in low-income neighborhoods to generate significant community impact. Its two New Markets investment funds have been awarded total allocations of $215 million.