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rown Gibbons Lang & Company (BGL) is pleased to announce the financial closing of the Erieview Tower & Galleria redevelopment in Cleveland, Ohio. The project received development capital from Huntington National Bank, Midland States Bank, PPG, TurnDev, Cleveland-Cuyahoga County Port Authority, Peachtree PACE, and the Ohio Brownfield Remediation Program. BGL's Real Estate Advisors team served as the exclusive financial advisor to Kassouf Development on the project.
The Erieview Tower conversion will feature 227 W branded by Marriott luxury residential apartment units, offering residents high-end living experiences with access to concierge services, hospitality amenities, and a connected retail Galleria. The hospitality component will bring another 210 W branded by Marriott luxury hotel rooms under the W Hotels flag, marking the first W Hotels offering in Ohio.
The dual-branded W Residences + W Hotels project, with a combined cost of over $218 million, is a unique concept that Marriott offers worldwide, but with only eight other locations in the United States. The redevelopment will transform the existing Erieview Tower and Galleria into an entertainment destination for Cleveland. Construction will be phased by component, with residential construction commencing immediately, hotel construction beginning later in 2025, and the project expected to be completed in late 2026.
James Kassouf, CEO of Erieview Developer, shared that the BGL team has demonstrated their expertise in structuring the financing for this phase of the project. The Kassouf family purchased Erieview Tower in 2018 and worked to secure various capital sources needed for the significant investment required to reposition the asset.
BGL's Real Estate Advisors Group offers comprehensive real estate investment banking services tailored to the middle market, providing client-focused solutions with an emphasis on real estate advisory, debt, preferred and private equity placement. 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.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, valuations and opinions, and other strategic matters.
About The Erieview District
The Erieview District was sparked by a 40-story tower at E. 12th and St. Clair featuring a 38th-floor restaurant, "The Top of the Town." Designed by I.M. Pei, Erieview Tower (1964) led to the development of One Erieview Plaza (1965), The Federal Bldg. (1967), Bond Court (1971), Public Utilities (1971), and Park Center (1973).
