Residences at Bolivar in Cleveland, Ohio

SomeraRoad Secures $38.5 Million Construction Financing for Residences at Bolivar in Cleveland

by Channing Hamilton

CLEVELAND — SomeraRoad Inc. has acquired $38.5 million in construction financing, in addition to Co-GP equity, for the development of Residences at Bolivar in downtown Cleveland. Leon McBroom, David Gaines, Lucas Borges and Will Haass of JLL Capital Markets represented the borrower. JLL arranged the loan through a Midwestern regional bank and also secured Co-GP equity investment with LCI Development Partners, an affiliate of Leopardo Companies, who is acting as the General Contractor on the project. 

Residences at Bolivar will include 184 rental units, as well as 2,611 square feet of ground-floor retail space. The seven-story community will be an adaptive reuse project that is built on top of a refurbished 277-space parking garage. Amenities include a pool, sun deck, resident lounge, fitness center, package room and bike storage. The community is slated for delivery in early 2025.

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