CLEVELAND — ErieView Development, led by Cleveland’s Kassouf family, is redeveloping the 40-story Erieview Tower into a 210-room W Cleveland hotel, 215 W-branded rental apartments and renovated office space. Brown Gibbons Lang & Co. served as financial adviser and arranged roughly $217.6 million in financing for the residential and hotel phases. The hotel and apartments are slated to open in late 2027.
In 2018, The Kassouf family acquired the largely vacant office tower, built in 1964. The conversion will introduce both Ohio’s first W Hotel and the W brand’s first apartment property developed exclusively for renters.
Nuveen Green Capital provided $93.4 million in C-PACE financing for the redevelopment. The proceeds fund energy, water and building-envelope improvements. ERIEBANK, a division of CNB Bank, is providing a senior loan of $20 million.
Additional partners include Foss & Co., Consortium Structured Investments, Midland States Bank, Cuyahoga County, Ohio Brownfield Remediation Program, City of Cleveland and Cleveland-Cuyahoga County Port Authority.
BGL worked with Kohrman Jackson & Krantz (KJK), representing ErieView in the transaction. Additional parties involved in the financial closing include Berardi + Partners LLC, TurnDev, Turner & Townsend and Novogradac & Co.