Mark McClure, managing partner of Miami based GenX Capital Partners, announced today they closed $9MM in JV equity for Millennia Companies $53MM acquisition and redevelopment of the 295 unit Statler Arms property in downtown Cleveland
MIAMI, FL, January 31, 2018 /24-7PressRelease/ — Statler Arms Apartments is a historically renovated former Statler Hotel high-rise in the Theater District on East 12th Street and Euclid in downtown Cleveland that was converted into 295 apartments in 2001. Millennia Companies closed on the building this past Tuesday with plans on renovating the tired property into a higher end asset, geared towards the ever growing segment of Millennials flocking to downtown Cleveland along with 30-40+ age professionals. GenX Capital Partners underwrote the equity with Berkadia undewriting the debt.
“Cleveland is in a revival period. It’s not your grandfathers or fathers Cleveland from the 70’s, 80’s and early 90’s, but transcending into a much hipper, cleaner and safer environment that quite honestly is a pleasure to visit on a year-round basis. More importantly, it has become a magnet for Millennials and 30 and 40 something professionals who want that big city lifestyle with all the perks but not the high costs. Millennia Companies has certainly taken notice of this and heavily investing in their “back yard”, with their $300 million acquisition and renovation of Key Tower, Marriott, Garfield Building and now the Statler Arms and are a driving force, if not the driving force, in this revival,” GenX Capital Partners McClure stated.
Cleveland, Ohio shaking its image as a hub for real estate equity capital;
“No question, its still a heavy lift if you will, procuring equity financing for downtown Cleveland projects, but GenX Capital Partners has access to equity partners not many developers are aware of and sort of fly under the radar, not to mention Millennia and its CEO Frank Sinito are A+, high quality sponsors, so that was helpful. And combining that with the incredible team work from Mike Friedman of Millennia Capital we were able pull together the needed equity with one of our funds to get this sizeable deal to the closing table,” McClure ended.
For more information on GenX Capital Partners and their private equity platform, go to http://www.GenXCP.com
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