The Leader Building at 526 Superior Avenue in downtown Cleveland was once headquarters of the Cleveland Leader newspaper. And now it’s making news of its own. PNC Real Estate is the sole lender on the historic multifamily transformation sponsored by K&D.
The Residence at the Leader is the fourth high-profile redevelopment of architecturally-interesting buildings sponsored by K&D within a four-block area of downtown Cleveland. The properties are making a major contribution to the transformation of the downtown area into an exciting neighborhood in high demand for empty nesters and young professionals who want to live, work and play close to home.
Preservation of the ornate lobby is just the beginning of the building’s attractions. The apartments will feature granite countertops, stainless steel appliances and high end finishes. Other amenities include a fitness room and party room. K&D is pursuing LEED (Leadership in Energy & Environmental Design) certification at the silver level with all-LED lighting, water-saving fixtures, heat pumps and other energy-saving measures.
The financing package includes Federal and state historic tax credits for redevelopment of the 15-story building. PNC's Tax Credit Group purchased the Federal Historic Tax Credits and assisted in coordinating the complex financing structure while PNC Real Estate provided additional financing for the long-term client.
Karen Paganini, K&D principal, president and chief operating officer, notes that the company will continue to convert downtown buildings into attractive apartments, as its current properties are already at full occupancy.
“We will continue to turn to PNC Real Estate to help us navigate the complexities of historic tax credits and provide the financing we need to make a real difference in downtown Cleveland,” she added.
Date: September 2015
Location: Cleveland, Ohio
Financing Type: Construction loan
Scope: 224 multifamily units with approximately 59,011 square feet of retail/office space
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