GreenLake Funds $14,150,000 Loan for the Cleveland Masonic Temple
May 14 2024 - 10:15AM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240514401375/en/
Media: Mike Geller Prosek Partners mgeller@prosek.com
Originations: GreenLake Originations deals@greenlakefund.com