BGLREA advises on the acquisition of Quay 55, Cleveland’s iconic waterfront luxury apartments BGLREA is pleased to announce the financial closing for the acquisition, rehabilitation and construction of Quay 55, a luxury apartment complex located on the near east side of Downtown Cleveland, Ohio for its clients, The Landmark Companies. The project capitalization included senior acquisition financing provided by Prime Finance, with whom BGL worked closely with Pinnacle Financial Group to secure, and a preferred equity investment from Tryperion Partners.
Quay 55 (formally known as the Nicholson Terminal & Dock Company of Michigan) is one of the first and only waterfront luxury apartment developments in downtown Cleveland. Built in 1929, this iconic building was once a facility of many trades and is rich with decades of history. Its original use was for off-loading and a trans-shipment point for a variety of raw materials, industrial goods and manufactured products. The property was repurposed in 2003 to 138 luxury apartment units. The Landmark Companies intends to convert an entire floor of unused interior parking garage space to accommodate another 29 apartment units bringing the total to 167 units.
Bob Rains, Co-Founder and Managing Partner of The Landmark Companies, commented, “BGL’s access to national capital markets and expertise in the needs of debt and equity investors was crucial in our acquisition of the property. They bring professionalism and competence to the table along with the ability to see a transaction through to the close. Working with the entire BGL team was a business like and learning experience.”
Led by Co-Founders Robert Rains and John J. Carney, The Landmark Companies develops, owns and manages residential and commercial real estate. Their portfolio includes apartment buildings, new construction in existing warehouse buildings and renovation of historic buildings in downtown Cleveland, Ohio and Indianapolis, Indiana. The Landmark Companies has developed over $210 million in projects that have created first-class residences and revitalized street-level retail in urban areas. This has been essential to the repopulation of downtown Cleveland’s neighborhoods.
Prime Finance is a private commercial real estate finance company with discretionary capital which directly originates mortgage, mezzanine and preferred equity financing and also acquires performing, sub-performing and distressed debt. Prime Finance is a balance sheet lender with offices located in New York, Chicago and San Francisco. Tryperion Partners, LLC is a Los Angeles-based real estate investment manager focused on value-add office, retail, hospitality, and multifamily investments in Midwestern and Western U.S. markets, with two fully discretionary value-add real estate funds totaling more than $100 million in committed capital.