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Acquisition financing provided by PNC supported the K&D Group’s $38.5 million purchase of the iconic Terminal Tower in downtown Cleveland. K&D and its affiliates own 36 multifamily properties comprising 9,128 units throughout Ohio.
K&D will convert 10 lower floors of existing commercial office space in Terminal Tower into 290 luxury apartments. The remaining 42 floors of the tower will be retained for existing and future commercial office tenants. A fitness center and gathering space for residents along with an outdoor rooftop patio are among the building’s many planned amenities.
The 10-floor conversion to apartments, scheduled for availability in 2020, will target millennials and empty nesters and serve to aid the pent-up demand for housing in the downtown area.
PNC’s $28.5 million acquisition loan concluded the financing for this iconic building that has helped to define the skyline of Cleveland for more than a hundred years.
As the building’s proud new owner, K&D has vowed to continue a treasured Terminal Tower tradition — illuminating the sky with a colorful array of lights to celebrate local sports teams and other special events and holidays — and recently surprised the PNC team by projecting PNC’s corporate colors of blue and orange from the tower in appreciation of the long-term relationship they have shared.
“We knew PNC Real Estate had the right experience to close this special deal for us,” said Karen Paganini, K&D principal and president. “We’re excited to enhance our efforts to make downtown Cleveland an exciting place to live and work through Terminal Tower.”
Date: September 2016
Location: Cleveland, Ohio
Financing Type: Acquisition term loan
Financing Amount: $28.5 million
Scope: 597,744 square foot, 52-story historical building plus underground parking
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