New funding will be used to enhance legendary venue’s infrastructure and facilities

GreenLake Asset Management LLC (“GreenLake”), a nationwide leader specializing in providing short-term commercial real estate bridge loans, today announced that it has funded $8,150,000 in add-on financing to an existing $6,000,000 loan for a 2,500-seat concert venue located in Cleveland, OH.

The Cleveland Masonic Temple dates back to 1921 and has a storied past as the initial residence of the Cleveland Orchestra and later as a Masonic temple. The venue now functions as Temple Live and hosts world class artists from theater, music, and comedy.

GreenLake’s original loan was used to refinance and convert the property from a Masonic temple to a concert venue. Covid presented acute challenges for concert venues, but the borrower was able to weather the storm and GreenLake continues to lend support. With the recent funding, the sponsor will enhance the building's infrastructure and facilities. Additionally, the sponsor has secured a grant through the Brownfield Remediation Program from the Ohio Department of Development.

Paul Diamond, Managing Director and Chief Operating Officer at GreenLake, stated, "We are pleased to partner with the sponsor of this asset, a skilled and creative developer with a proven track record of operating live performance venues. A resurgence following the reopening of the economy has drawn people to live events. With the sponsor's expertise, as well as the renewed interest in the industry, we believe this project will emerge as the leader in the live entertainment scene in Cleveland."

About GreenLake Asset Management LLC

Founded in 2008, GreenLake Asset Management LLC is an SEC registered investment advisor that manages three discretionary lending funds. GreenLake offers creative, flexible, and time-sensitive capital solutions across the commercial real estate industry including hospitality, industrial, multi-family, self-storage, mixed-use, office, and retail. For more information, please visit www.greenlakefund.com.

Media: Mike Geller Prosek Partners mgeller@prosek.com Originations: GreenLake Originations deals@greenlakefund.com