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CDA investment helps second phase of Innova project move forward

The Finch Group has closed on financing for the second phase of the Innova project on Chester Avenue in the Hough neighborhood. Cleveland Development Advisors (CDA), an affiliate of the Greater Cleveland Partnership, provided a $1.5 million loan from its Advance Cleveland Development Fund.

The $26 million investment will add 70 apartment units and 7,700 square feet of retail. The initial phase, 177 apartment units and 23,000 square feet of retail was completed in 2015. CDA provided $3 million of financing for the first phase.

CDA President Yvette Ittu said of the closing, “This investment adds to CDA’s track record of making key investments in Cleveland’s neighborhoods.

“We will continue to work with our developer partners to move these projects across the finish line.”