Keybank Finances Phase Two Of Mixed-Use Development Including Cleveland Institute Of Art Dorms

Cleveland — Multiple uses and multiple sources of capital define this urban project.

KeyBank University Circle UptownWEBCleveland — KeyBank has closed a transaction providing New Markets Tax Credit (NMTC) financing to the $21 million second phase of the University Circle Uptown development in Cleveland. The second phase of the development will bring retail, traditional multifamily housing and Cleveland Institute of Art dorm spaces to a mixed-use property.

 

KeyBank has provided $9 million in NMTC loans and nearly $9 million in NMTC equity to the entire Uptown development, an effort being led by a group of institutional community stakeholders, including Case Western Reserve University. Additionally, the Cleveland International Fund, an international private equity fund dedicated to real estate development projects that reinvigorate Cleveland and the surrounding region, has provided a $5 million loan.

 

The second phase, which is currently under construction by developer MRN Ltd., aims to create a mixed-use urban center that will unite medical, educational and cultural institutions. The development will see the addition of approximately 50 units of dorm space for the Cleveland Institute of Art, providing nearly 130 beds for students.

 

University Circle Uptown is also an infill development, promoting the concept of living, working and entertaining all in the same neighborhood. The property will provide 40 additional units of traditional multifamily housing and more than 20,000 square feet of ground level retail space, including a new Corner Alley, which is a restaurant, bar and bowling alley.

 

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