The company got creative for the $35 million project, which is at the corner of Hough Avenue and Ansel Road, near University Circle, and which Signet says features more than $11 million in energy-efficiency measures. Signet Capital, the investment banking arm of Signet Real Estate Group, said in a news release that it was able to take advantage of the following sources to fund the project:
• Construction and permanent debt financing funded through Huntington National Bank;
• Clean Air Quality Revenue Bonds from the Ohio Air Quality Development Authority (OAQDA) for energy-efficient equipment to provide a healthier building and environment; and
•Property Assessed Clean Energy (PACE) financing from CR PACE, an affiliate of Cuyahoga River Capital, for additional energy related improvements.
Christina O’Keeffe, executive director of OAQDA, added that the authority supported the project because of its “focus on the building’s increased energy efficiency to improve the environment as well as the strength of local community support to achieve the added benefits in this neighborhood.”
The Axis at Ansel development is part of a trend of for-profit developers launching projects on Cleveland’s East Side. As Crain’s reported last September, a big part of the target market for the five-story Axis at Ansel building is medical students studying nearby at the $500 million Health Education Campus of the Cleveland Clinic Foundation and Case Western Reserve University. The developer is constructing the project where the neighborhood Orr Park formerly stood, and is replacing the park nearby as part of its purchase agreement with the city of Cleveland.
Signet said it has begun accepting lease applications for Axis at Ansel, which will feature 61 studio, 61 one-bedroom, and 41 two-bedroom units.