KJK Closes $217.6 Million in Financing for Erieview Tower Residential and Hotel Phases
CLEVELAND, OHIO – September 4, 2026 – KJK congratulates ErieView Development on the closing of approximately $217.6 million in financing for the residential and hotel components of the Erieview Tower and Galleria redevelopment in downtown Cleveland. The transactions closed on August 14, 2026 and were recorded on August 17, 2026.
As owner and developer’s representative and counsel, KJK worked closely with TurnDev, which serves as Project Manager for the Erieview redevelopment, to bring these financings to close. KJK also thanks the other parties who worked closely on this closing, including Brown Gibbons Lang & Company (BGL), Berardi + Partners LLC, Turner & Townsend, Novogradac & Company LLP, Beyer Blinder Belle (hotel architect) and Rockwell Group (interior design).
“KJK has been an essential partner throughout the ErieView redevelopment, helping us navigate an extraordinarily complex financing and bring together the many public and private components required to move this project forward. Jon, Rich and the entire KJK team have worked alongside us at every stage, and their commitment to this project and to our vision for Erieview has been invaluable,” said Elias Kassouf, ErieView Development.
A Landmark Redevelopment Advances
The Erieview Tower and Galleria master plan envisions a vibrant mixed-use destination, including:
- A 210-room W-branded luxury hotel
- A 38th-floor fine-dining restaurant
- A 15,000-square-foot ballroom
- 215 W-branded luxury apartments
- Renovated Class A office spaces across 12 floors, enhanced by world-class amenities
- The connected retail Galleria
Residential units on floors 17 through 28 are expected to be completed 2Q 2027, with the hotel’s completion slated for 4Q 2028. Independence Construction is in place as construction manager.
Financing the Residential and Hotel Phases
The residential phase funding stack includes:
- Federal historic tax credits
- Federal historic tax credit investment by Consortium Structured Investments
- Federal historic tax credit bridge financing through Midland States Bank
- C-PACE financing through Nuveen Green Capital
- Ohio Brownfield Remediation Program funds
- City of Cleveland property tax abatements and tax increment financing
- Cleveland-Cuyahoga County Port Authority incentives
- Senior debt through ErieBank
The hotel phase funding stack includes:
- Federal and Ohio historic tax credits
- Federal historic tax credit investment by Consortium Structured Investments
- Federal historic tax credit bridge financing through Midland States Bank
- Ohio Transformational Mixed-Use Development (TMUD) tax credits
- C-PACE financing through Nuveen Green Capital
- Ohio Brownfield Remediation Program funds
- City of Cleveland property tax abatements and tax increment financing
- Cleveland-Cuyahoga County Port Authority incentives
- A loan from Cuyahoga County
- Senior debt through ErieBank and a subordinate loan
Foss & Co. joins the project as investor in the state historic and TMUD tax credits, and Nuveen Green Capital provides C-PACE financing for this phase. These commitments, alongside continued support from the City of Cleveland, Cuyahoga County, the Ohio Department of Development and the Cleveland-Cuyahoga County Port Authority, reflect the strength of the public-private partnership driving the project forward.
KJK’s Role
KJK serves as owner and developer’s representative and counsel for the redevelopment. The firm’s work on this closing included loan and tax credit document drafting, negotiation and review; tax credit and incentive negotiations and compliance; architect and construction contract negotiations; condominium amendments; leasing; and the development agreement. The KJK team was led by Managing Partner Jon Pinney and included Rich Morehouse, Steve Marrer, Peggy Beistel, Anne Corrigan and Jim Scherrer, with support from the firm’s Economic Development & Incentives practice group.
“This closing marks another significant step forward for Erieview. We are proud to stand with the Kassouf family and TurnDev as this project advances new residences, a world-class hotel and Class A office space in downtown Cleveland,” said Jon Pinney, KJK Managing Partner.
Community Impact
Across all phases, the redevelopment is expected to support more than 600 employees and generate more than $125 million in projected revenue to the City of Cleveland over 30 years, including property, income and parking taxes. The project also includes an executed Community Benefits Agreement with the City of Cleveland.
Next Up: Class A Office
With the residential and hotel financings closed, attention turns to the tower’s Class A office component, featuring renovated office spaces across 12 floors enhanced by world-class amenities. An RFP for office leasing is forthcoming, and a lead broker will be selected soon.
About KJK
With offices in Cleveland and Columbus, KJK serves companies of all sizes and sectors, including Fortune 500 corporations, nonprofits, mid-market companies, small businesses, start-ups and other entrepreneurs. We are a full-service law firm built for business – and beyond. Our robust practice areas serve clients locally and nationally, with the combined experience of our skilled team of 50+ attorneys. For more information, visit kjk.com.
Media Contact:
Amanda Messeri
Director of Marketing & Communications
216.736.7229