MLK Real Estate Capital (MLK) arranged $34.025 million in bridge financing on behalf of its client, Hudson Holdings, for the adaptive redevelopment of The Huntington Building, a 22-story, 1.3 million square foot, historic office building in downtown Cleveland, Ohio.
The bridge financing was secured from Gamma Real Estate, a New York City-based real estate firm with a nearly 100-year history of commercial real estate ownership, operating, and lending.
MLK Real Estate Capital represented Hudson Holdings on the bridge financing, noting Hudson’s impressive track record in the historic adaptive reuse space as well as the prime location of the sproperty and strong underlying deal fundamentals.
MLK’s Managing Principal, Solomon Kinraich, commented, “MLK worked diligently with the principals to execute this bridge-to-construction financing and with the assistance of our team was able to arrange the financing within the time sensitive nature of the transaction, as well as other myriad challenges. We are proud to have arranged the financing on a transaction involving such an iconic building and an extensive revitalization program in the heart of downtown Cleveland.”
Centrally located between Cleveland’s Theater District and East 4th Street, The Huntington Building boasts 1.3 million square feet of office space, which includes the world’s largest banking hall and 22 stories of remarkable architecture.
The grand bank lobby features Corinthian columns, three-story tall barrel vaulted ceilings and murals by Jules Guerin. The property has been a city landmark for over 91 years since it was originally built as the Union Trust Building.
Andrew “Avi” Greenbaum, Principal and Founder of Hudson Holdings, said, “Hudson is very excited to have the opportunity to revitalize this iconic property into a flourishing part of the Downtown Cleveland community.”
Hudson Holdings redevelopment plan includes the development of 200 hotel rooms, 550 luxury rental apartments, and 72 micro-units, as well as the rehabilitation of 600,000 s/f of office, retail, banquet/ballroom space, common area and amenity space.
Jonathan Kalikow, president of Gamma Real Estate, commented, “Gamma was pleased to step in and provide the bridge funding for the Huntington Building, an impressive office property that will enhance the urban revitalization of downtown Cleveland.”