Nuveen Green Capital Provides $93.4 Million C-PACE Loan For Cleveland's Erieview Tower Repositioning

The asset involved in this transaction is a mixed-use property located at 1301 East 9th Street in Cleveland. This adaptive reuse project comprises a 210-key W Hotel, the first of its kind in Ohio, as well as 215 W Residences available for rent, marking a first for the brand worldwide. The financing facilitated the transformation of Cleveland's Erieview Tower.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $93,400,000
• Address: 1301 East 9th Street
• Market: Cleveland
• Lender: Christopher Ellis, Katherine Swenson Canavan, Ariane Uwamba & Steven Chen - Nuveen Green Capital
• Loan Type: C-PACE
• Loan Terms: 28
• Keys: 210

The key individuals involved in this transaction include Christopher Ellis, Katherine Swenson Canavan, Ariane Uwamba, and Steven Chen, who represent Nuveen Green Capital as lenders. The financing was specifically structured to fill a gap in the capital stack, allowing the project to proceed without additional equity dilution.