BGL Managing Director Anthony Delfre, who leads the firm’s Real Estate Advisors team, is quoted in an article published by Crain’s Cleveland Business discussing a proposal introduced to Cleveland City Council for a commercial tax abatement for the Tower at Erieview, a downtown 40-story office building set to be transformed into Ohio’s first W hotel, a luxury brand under Marriott International Inc.
In the article, Anthony discusses the importance of a tax abatement in reducing risk for the construction lender and, later, the permanent lender. While the hospitality industry is still rebounding from the pandemic, lenders remain cautious about development projects.
BGL’s Real Estate Investment Advisors team is the exclusive financial advisor for the Kassouf family and arranged the financing for the $162 million project, including state and federal tax credits for historic preservation.
The complete article is available on Crain’s Cleveland Business website.