Steelyard Commons secures $120 million in funds
Project developer First Interstate Properties and national retail chains secured funds totaling $120 million for the development’s initial phase in 2006 and 2007.
To help make it happen, First Interstate relied on Huntington Bank for commercial financing. The company will engage Huntington as plans to expand the development take shape in the coming years.
“Huntington has been involved with us in a variety of ways for this project,” says Mitchell Schneider, founder and president of First Interstate. “They participated in the initial permanent refinancing of the project, and they were involved in the construction financing for the second phase of Steelyard Commons as the leverage lender, helping us continue to grow the property. They will have the opportunity to continue to be involved with the future phases of the project.”
Huntington’s financing on the project’s second phase was used in conjunction with new market tax credits from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.
Steelyard Commons represents one of the largest projects on which Huntington has collaborated with First Interstate, but the relationship between the companies has extended to other commercial developments as well. Huntington also served as the lender for the development of Oakwood Commons in South Euclid, which opened in 2013, with the full development expected to be completed in 2017, and the Hyatt Hotel property at Legacy Village that opened in the summer of 2016.
“We enjoy a wonderful banking relationship with Huntington,” Schneider says. “They have been there for First Interstate many times over the years.”
Steelyard Commons - Quick Facts
Developer: First Interstate Properties
Access: Quigley Road via West 14th Street-Clark Avenue exit of Interstate 71; Denison Avenue via Jennings Freeway (State Route 176); Quigley Road via West Seventh Street exit of Interstate 490
Property size: 120 acres
Business tenants: 40
Square footage of retail space: 825,000
Jobs created since opening: 1,100
Annual retail sales: $230 million
Annual customers: 7 million