From the Wires
Abode Secures Construction Loan for $10+Million Speculative Townhome Community
Strong market demand drives construction financing for one of the Midwest's first modern eco-developments located in Cleveland, Ohio.
By: PR Newswire
Jan. 10, 2013 01:59 PM
CLEVELAND, Jan. 10, 2013 /PRNewswire/ -- Abode, Modern Lifestyle Developers, and First Federal Lakewood (FFL) have closed on a construction loan to finance a new multi-million-dollar townhome community in Lakewood, Ohio. Clifton Pointe Luxury Ecohomes will be one of the first modern ecohome development communities in the Midwest. "First Federal Lakewood was very excited to participate in the Clifton Pointe project," says Barry N. Ezell, FFL Commercial Loan Officer. "This is a quality project adding luxury housing to Lakewood's diverse housing stock, allowing us to give back to the communities we serve."
Originally, the 17-residence development offered pre-sale pricing at $319,000. Abode has since raised prices 3 times, totaling $60,000. A second phase of 5 more townhomes is being added Jan 2013. "This is incredible news for Cleveland real estate, where the trend has been nothing but falling market values...surprisingly many lenders were willing to provide funding for a speculative townhome project. It was only four years ago that the banks shut down all 'for sale' and A & D lending. Maybe this is a sign that the Cleveland real estate housing market has bottomed out and is on the rebound," says Andrew Brickman, Abode. Abode's other award-winning properties Eleven River and 27 Coltman both experienced multiple price increases since 2009.
Featuring eco-friendly construction and green-community living, overlooking the Rocky River and Lake Erie, it is the first townhome development on the Lakewood waterfront in 100 years. A 10-year 100% tax abatement, including private rooftop decks, outdoor kitchens, community kayaks, bikes, smart cars and an outdoor pavilion make the project an enticing choice for active individuals who prefer no maintenance living.
Abode, Modern Lifestyle Developers —Cleveland-based real estate development company dedicated to providing exceptional levels of design and services across a variety of real estate sectors including residential, commercial, and hospitality. Our mission is to offer new levels of excellence exemplifying the highest standards of social and environmental responsibility while seeking out the extraordinary to facilitate the most spectacular living experiences; and creating exceptional realty ventures by employing groundbreaking technological and eco-friendly practices.
SOURCE Abode, Modern Lifestyle Developers
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