Construction Loan Secured for $10+M Eco-friendly Townhome Community
- Jan 13, 2013
Abode, Modern Lifestyle Developers, a real estate development company based in Cleveland, and First Federal Lakewood have closed on a construction loan to finance the Clifton Pointe Luxury Ecohomes, a new multimillion-dollar townhome community located in Lakewood, Ohio. It will be one of the first modern ecohome development communities in the Midwest.
“First Federal Lakewood was very excited to participate in the Clifton Pointe project,” said FFL commercial loan officer Barry Ezell in a news release. “This is a quality project adding luxury housing to Lakewood’s diverse housing stock, allowing us to give back to the communities we serve.”
Clifton Pointe Luxury Ecohomes will overlook the Rocky River and Lake Erie. It is the first townhome development on the Lakewood waterfront in 100 years and will feature eco-friendly construction and green-community living.
Phase I of construction calls for the development of 17 residences. Due to increased demand, another five residences will be added in the second phase. The award-winning luxury eco-community is designed by Dimit Architects. Its residents will enjoy private rooftop decks, outdoor kitchens, community kayaks and an outdoor pavilion, as well as a 10-year, 100 percent tax abatement. Shopping, restaurants and wine bars are within walking distance. Prices start at $379,000.
“This is incredible news for Cleveland real estate, where the trend has been nothing but falling market values. … Surprisingly, many lenders were willing to provide funding for a speculative townhome project. It was only four years ago that the banks shut down all ‘for sale’ and A&D lending. Maybe this is a sign that the Cleveland real estate housing market has bottomed out and is on the rebound,” said Andrew Brickman of Abode.
Photo credits: www.welcometoabode.com