Financial advisory firm Brown Gibbons Lang & Company (BGL) has advised ErieView Development on securing approximately $217.6 million in financing for the hotel and residential phases of the Erieview Tower and Galleria redevelopment in downtown Cleveland.

The project will transform the 40-story 1964 landmark situated at East Ninth Street and St. Clair Avenue into a 210-room W Cleveland hotel and 215 W Apartments. The residential units will be offered exclusively for rent rather than purchase, marking a first for the brand globally. Both the hotel and apartment components are scheduled to open in 2027.

The property will feature an extensive amenity package, enabling residents to access an enclosed parking garage and a 38th-floor restaurant without stepping outside. Hotel guests, office tenants and residents will share the same food and beverage service throughout the building. The tower will also house a spa, a fitness centre, a 15,000-square-foot ballroom and a lobby lounge.

Funding for the scheme combines multiple public and private capital sources. Nuveen Green Capital provided $93.4 million in C-PACE financing, representing the largest transaction of its kind completed in Ohio. Proceeds will support water, energy and building-envelope upgrades, including variable refrigerant flow mechanical systems, elevator modernisation, and curtain wall work. Senior financing of $20 million was provided by ERIEBANK, a division of CNB Bank.

Additional capital includes Ohio Historic and Transformational Mixed-Use Development tax credit equity and bridge financing from Foss & Company, alongside federal historic tax credit equity from Consortium Structured Investments and bridge financing via Midland States Bank. Further support comes from a Cuyahoga County loan, Ohio Brownfield Remediation Program funds, City of Cleveland tax increment financing and tax abatements, and Cleveland-Cuyahoga County Port Authority incentives.

Legal representation for ErieView Development was provided by Kohrman Jackson & Krantz, working alongside BGL. Other parties involved in the transaction include Berardi + Partners LLC, TurnDev, Turner & Townsend, Novogradac & Company LLP, hotel architect Beyer Blinder Belle, and interior design firm Rockwell Group.

Commenting on the financing, Elias Kassouf of ErieView Development said: “BGL brought both creativity and discipline to a highly complex capital structure, helping us bring together the right financing partners to move this landmark redevelopment forward. Their understanding of historic redevelopment, structured finance, and the Cleveland market was instrumental in helping us reach this important milestone. This project has always been about more than one building. It is about honoring Erieview Tower’s legacy while creating new energy for East Ninth Street and downtown Cleveland for generations to come.”

Anthony Delfre, BGL Managing Director, who advised ErieView Development on the financing, said: “This was a highly meaningful financing for BGL, not only because of the scale and complexity of the transaction, but because of what it represents for Cleveland. BGL’s founder, the late Mike Gibbons, was a strong advocate for high-quality multifamily housing across the Midwest, and Northeast Ohio is exactly the kind of market where that vision continues to resonate. Cleveland’s momentum, combined with the strength of the Erieview redevelopment, helped make it an ideal setting for Marriott to introduce Ohio’s first W hotel and the first W Apartments offered for rent anywhere in the world.”