October 13, 2021 Cleveland Development Advisors (CDA), an affiliate of GCP, has provided a $2.4 million subordinate loan to the Waverly & Oak development in Cleveland’s Detroit Shoreway neighborhood.
The loan advances CDA’s goal of supporting catalytic projects in the city’s core neighborhoods, with Waverly & Oak representing first multi-story mixed-use development in the Detroit Shoreway neighborhood in a century since the construction of the Gordon Square Arcade and Capital Theatre complex.
“CDA is proud to provide this key element of Waverly & Oak’s capital stack, which will help this project succeed while helping continue the momentum of Cleveland’s near west side,” said Yvette Ittu, President of CDA. “This loan meets multiple goals for CDA and aligns with our core mission to promote inclusive and thriving neighborhoods through innovative financing solutions and technical assistance to catalytic real estate and business development projects. Waverly & Oak will act as a new construction anchor on the neighborhood’s main commercial corridor and continue to prove the viability of Cleveland’s urban real estate market.”
Waverly & Oak is a mixed-use, residential and commercial development by Bond Street Group, a northeast Ohio development team. The project will introduce 126 apartment units, 17,000 square feet of ground level commercial space, and approximately 140 parking spaces on a site in the Gordon Square Arts District.
Development and construction costs total $47 million, with the project expected to be completed in May 2023. Funds beyond the CDA loan are being provided through traditional bank financing and developer equity. The project also benefits from a City of Cleveland tax increment financing (TIF) agreement and standard city residential tax abatement.