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CDA provides financing for historic renovation in Warehouse District

The $37.6 million historic renovation of the building formerly known as National Terminal Warehouse on West 10th Street is under way.

Morgan Management acquired the building in 2014 and is transforming the 250-unit apartment building into a market rate product known as The Archer. Cleveland Development Advisors (CDA), the Greater Cleveland Partnership’s real estate and business development finance affiliate, provided a $3.5 million loan to bridge a portion of the Federal and Ohio historic tax credit equity.

Upon completion, The Archer will offer a mix of one and two-bedroom apartment units with 97 unique floor plans. Maintaining the condition of this 300,000+ square foot building benefits the Warehouse District and the newly constructed Flats East Bank.

For more information about the building and available units, please visit www.thearcherapts.com.