PNC Real Estate Continues to Deliver Financing for High-Profile Mid-Rise

The Residences at 668 — located in the heart of the resurgent downtown of Cleveland, Ohio — is a mixed-use community that has been a high-profile success since it was converted from commercial to residential use by K&D in 2010. PNC Real Estate provided the original, complex financing and recently delivered a long-term refinancing solution.

The mid-rise comprises 236 units located on a 2.68-acre site at 668 Euclid Avenue. It includes parking and 63,577 square feet of office and retail space on the first floor. The unit mix includes studios, one bedroom and two bedroom units. Each features luxury finishes, appliances, desirable floor plans and high ceilings.

The retail space includes a 20,000 square foot fitness center, two restaurants and an upscale barber shop. New tenants receive a free one-year fitness center membership.

In conjunction with Fannie Mae and the City of Cleveland, PNC Real Estate provided a refinancing package for the thriving property. At closing K&D owned 100% of the building and will continue to manage it.

This recent deal is a continuation of a storied relationship with K&D. In 2008, PNC Real Estate provided New Market Tax Credit and Historic Tax Credit (HTC) equity. Two years later, PNC Real Estate provided additional HTC equity.

“We have worked with PNC Real Estate for more than a decade,” notes Karen M. Paganini, President of K&D. “The refinancing of The Residences was a complex matter, but we knew PNC had the right experience and the right relationships to create and close the deal.”

Date: July 2015
Location: Cleveland, Ohio
Financing Type: Fannie Mae
Scope: 236 mid-rise apartments, a 469-space attached parking garage and 63,577 square feet of office and retail space

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