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Statler Arms Apartments getting ready for sale

Crain's Cleveland Business, 2017-12, Vol.38 (49), p.1

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Title:
Statler Arms Apartments getting ready for sale
Author: Bullard, Stan
Subjects: Apartments ; Ground leases ; Hotels & motels ; Real estate sales ; Restaurants
Is Part Of: Crain's Cleveland Business, 2017-12, Vol.38 (49), p.1
Description: The move came two weeks after Statler's current owner, an affiliate of New York City-based LCor real estate ownership and development company, assigned part of its interest in the 12-story building at 1127 Euclid Ave. to Deutsche Bank Trustee Co. Americas, the agent for a securitized Freddie Mac-backed loan for multiple properties totaling $1.2 billion. The $31 million appraisal for the property is telling, for that was the amount of the original U.S. Department of Housing and Urban Development-backed loan that funded the Cleveland-based Milstein family's conversion of the long-dark office building to apartments in 2000. Statler played a key role in establishing Euclid Avenue as a residential street early in its transition from business-only use, according to Tom Yablonsky, executive vice president of Downtown Cleveland Alliance and executive director of the Historic Gateway Neighborhood and Historic Warehouse District local development corporations.
Publisher: Cleveland: Crain Communications, Incorporated
Language: English
Identifier: ISSN: 0197-2375
EISSN: 1931-3993
Source: AUTh Library subscriptions: ProQuest Central

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