CLEVELAND —Evergreen Real Estate Group has acquired Carter Manor Apartments, an affordable seniors housing community in downtown Cleveland, for an undisclosed price.
Evergreen plans to update the 270-unit apartment tower through an $18 million capital improvement program that will preserve the building’s historic facade and restore other original design elements.
The 11-story property comprises a mix of 33 studio, 209 one-bedroom and 28 two-bedroom apartments, all of which will be preserved as affordable housing for seniors and disabled individuals. Evergreen will both own and manage the community.
Designed by architect Max Dunning, the building opened in 1917 as the luxurious 600-key Hotel Winton. The hotel’s greatest claim to fame was its head chef, Ettore Boiardi, better known as Chef Boyardee.
The property was redeveloped as an apartment building following a fire in 1971. The building’s facade is currently subject to a Historic Conservation Easement granted by Cleveland’s Historic Gateway Neighborhood and Historic Warehouse District.
In addition to the affordable apartments, Carter Manor also has three commercial tenants on the ground floor: Domino’s Pizza, Liberty Labor and Guardian Title and Guaranty Agency.
Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work, with construction set to begin in June. Residential and commercial tenants will remain in place during the redevelopment, which is scheduled for completion in December 2022.
The acquisition and renovation of Carter Manor was financed using low-income housing tax credits syndicated by CREA LLC, pre-development financing from Local Initiatives Support Corp., a bridge loan from Huntington National Bank, and construction financing from KeyBank and Freddie Mac.
Downtown Cleveland has experienced significant population growth in recent years, with the population more than doubling between 2000 and 2017. Carter Manor is surrounded by restaurants, just one block from Progressive Field, home of the Cleveland Indians MLB team, and two blocks from Quicken Loans Arena, home of the Cleveland Cavaliers NBA team.