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CDA provides financing for residential project in PlayhouseSquare

The development team of The Dalad Group and The Slyman Group has closed on financing for the historic renovation of the building located at 1220 Huron in PlayhouseSquare.

Cleveland Development Advisors
(CDA), the Greater Cleveland Partnership’s real estate and business development finance affiliate, provided a $4.5 million loan to bridge the federal and Ohio historic tax credit equity and a $400,000 subordinate loan for the $17.7 million project.

Upon completion, Creswell Apartments will offer a mix of 80 one- and two-bedroom apartment units with 6,000 square feet of commercial space available for lease on the first floor.

This project adds to the building momentum of PlayhouseSquare resulting from significant recent investment and brings the apartment count in the neighborhood to just over 2,000 units.

Construction is under way. The project will be complete by the end of the year.