JLL Capital Markets Arranges $38.5M Construction Loan For Residences At Bolivar

The Residences at Bolivar, a luxury multifamily development located at 1060 Bolivar Road in downtown Cleveland, Ohio, has secured $38.5 million in construction financing. The project, developed by SomeraRoad Inc., will consist of 184 units and offer upscale amenities. Anticipated to be completed in early 2025, the development is set to become a sought-after residential option in the area.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $38,500,000
• Units: 184
• Market: Cleveland, Ohio

JLL Capital Markets, represented by brokers Leon McBroom, David Gaines, Lucas Borges, and Will Haass of JLL, arranged the $38.5 million construction financing and Co-GP equity for this significant project. Their expertise and negotiation skills played a crucial role in securing the necessary funds and support for the Residences at Bolivar development. The collaboration between SomeraRoad Inc. and JLL will contribute to the growth of downtown Cleveland's luxury multihousing market.