CLEVELAND, March 15, 2024 — Cleveland Development Advisors (CDA) announced the closing of $4.5 million in loans to help finance construction of a modern, market rate rental development in the central part of Cleveland’s Fairfax neighborhood.
The $10.5 million 89th Rising Housing Development is planned by a company founded by Timothy L. Tramble Sr., president of We Rise Development. Tramble is also president and CEO of the Saint Luke’s Foundation and has more than 20 years of community development experience.
In addition, a vested stakeholder, Tramble lives on East 89th Street in the Fairfax neighborhood and is working to revitalize the entire stretch of East 89th Street between Quincy and Cedar that is littered with vacant lots.
The project is being funded out of CDA’s Community Reinvestment Fund.
The project will include 48 one- and two-bedroom market rate rental units along East 89th Street between Cedar and Quincy avenues. The apartments will be in six large structures designed to give the appearance of the rambling Victorian houses that once anchored the street. They will have large porches, gables, turrets and variegated facades. Construction started immediately after the construction financing closed.
“This project will bring much-needed affordable and aesthetically pleasing housing to Fairfax and we are excited to help this project move forward,” said Yvette Ittu, President & CEO of CDA. The project was able to move forward with financing because of the collaboration of partners providing non-traditional financing sources including Village Capital Corporation, Cuyahoga County Port Authority, City of Cleveland, Cuyahoga County Land Bank and Urban Strategies.