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CDA invests in second phase of Flats East Bank

 

Financing for the second phase of the Flats East Bank closed last week, including $4.5 million in financing from Cleveland Development Advisors (CDA), the Greater Cleveland Partnership’s real estate and business development finance affiliate.


This development follows the $275 million Phase 1, opened June 2013, and will complete the vision of a fully integrated sustainable waterfront district. The current plan calls for 240 new market-rate residential rental units and over 100,000 square feet of retail, restaurants, and entertainment space. The project is targeting a summer 2015 opening.

CDA was also a lender in the first phase of the project. “CDA’s involvement in the Flats project dates back to 2006,” said CDA President Yvette Ittu. “We are thrilled to see the first phase complete and the second phase under way. We applaud the Wolstein Family for its vision, tenacity, and investment.”