Brown Gibbons Lang & Company (BGL) is pleased to announce that its Real Estate Advisors team has completed the construction financing of an upscale luxury condominium development project located on Lake Erie’s shoreline (700 Lake). Erie Bank, CF Bank, and Heartland Bank will finance 25 luxury single-story for-sale condominium residences and eight three-story townhomes in the affluent Rocky River, Ohio community. While the specific terms of the transaction were not disclosed, the construction loan was sourced by BGL on behalf of its clients, Brickhaus Partners (Brickhaus), the Carney family, and Alidan, LLC.
700 Lake is a first-of-its-kind condominium development project in Northeast Ohio, with pricing averaging $1.6 million for condos and $800,000 for townhomes. Each condo will have a private balcony and most will feature a southern-facing terrace. Additional amenities include a heated infinity swimming pool, deck area with lounge chairs, full outdoor kitchen, concierge services, underground heated garage, and extraordinary lakefront views.
Andrew Brickman, Partner at Brickhaus Partners commented, “The volatility of the capital markets during this global pandemic has created a lot of uncertainty in the commercial real estate world. We started taking reservations for this project back in 2016 and have been on a long journey to reach this tremendous milestone. We could have never envisioned a complete economic shut-down during our financing process; however, our partnership with BGL was essential in helping navigate the many challenges that arose to remove that uncertainty in this lending environment.”
Brickhaus is an international real estate development company, led by Andrew Brickman and Alexandra Yonkov, which sets new standards in design, livability, functionality, and sustainability. Offering unmatched levels of excellence, Brickhaus redefines luxury real estate and achieves the highest standards of social and environmental responsibility.
Brickhaus partnered with John J. Carney and his two sons, John M. and Michael, of The Landmark Companies, as well as with Benjamin and Cheri Phyfer through their real estate investment entity, Alidan, LLC. Landmark is a prominent multi-family owner-operator in Downtown Cleveland and Indianapolis, Indiana. The Phyfers are Cleveland residents who originally purchased the project’s site in 2014 and subsequently approached Brickhaus with their vision to develop a luxury condo community.
BGL’s Real Estate Advisors team offers comprehensive real estate investment banking services tailored to the middle market. It provides client-focused solutions with an emphasis on real estate advisory, debt, preferred and private equity placement, financial restructuring, recapitalizations, sale-leasebacks, structured finance, and asset acquisitions and dispositions across all asset classes. The team assists real estate owners and developers looking to form alliances and joint ventures with single-source capital providers to gain local and institutional access for all capital needs.