Dealmaker: Bellwether Enterprise Closes $93M Refinancing

Bellwether Enterprise, Cleveland, closed a $93 million refinancing loan for the Flats at East Bank Apartments in downtown Cleveland’s waterfront district.

The Flats at East Bank Apartments has 241 one-, two- and three-bedroom units. The eight-story building also includes 60,000 square feet of retail space including 13 on-site restaurants such as Thirsty Dog Brewing and Punch Bowl Social. Country music band Rascal Flatts plans to open a 10,000-square-foot Rascal Flatts Restaurant in the property in July.

Bellwether Enterprise President Ned Huffman noted the Flats at East Bank Apartments builds the firm’s presence in Cleveland, “a booming business hub, an attractive city for young residents and the home of our national headquarters,” he said.

Jim Doyle, senior vice president in Bellwether Enterprise’s Cleveland office, arranged the financing for the Wolstein Group, Cleveland. Rialto Capital Management, Miami, was the lender.

Doyle said the new loan refinanced a bridge loan Bellwether arranged for the property last year. “The first mortgage loan was structured with an ‘A’ note and a ‘B’ note structure in which Apollo Global Management funded the ‘B’ note,” he said.