Abode Secures Construction Loan For $10+Million Speculative Townhome Community
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.
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