TurnDev has closed the full financing package Heller Keller-Kohn Buildings Historic Tax Credit Equity Investment, marking a major step forward in the restoration of two enduring Cleveland landmarks at 2202 Superior Avenue and 2212–2230 Superior Avenue.

The transaction closed on December 31, 2025 and provides historic tax credit equity investment and specialized rehabilitation financing to support the adaptive reuse of The Heller Building and The Keller-Kohn Building. The project preserves the original craftsmanship of these historic structures while reimagining them as modern residential and mixed-use spaces designed to strengthen the surrounding district.

TurnDev serves as project sponsor and owner, leading the rehabilitation and assembling the financing needed to bring the vision to life. KJK served as legal counsel for TurnDev on the transaction. Lock 39 Capital LLC served as transaction advisor. Dollar Bank served as the primary lender, with PNC Bank serving as the tax credit investor and lender. The Cleveland-Cuyahoga County Port Authority supported the project as bond issuer and public financing partner. Foss & Company served as tax credit syndicator, with Novogradac & Company LLP providing tax credit consulting services.

The redevelopment includes a comprehensive historic rehabilitation featuring restored facades, replica windows, and new building systems. Once complete, the project will deliver 106 residential apartments, including studio, one-bedroom, and two-bedroom layouts, along with ground-floor commercial space, a resident fitness room and lounge, tenant storage, a rooftop deck, and indoor, secure, climate-controlled parking.

The financing structure combines federal and state historic tax credits, Transformational Mixed-Use Development credits, residential tax abatement, non-school tax increment financing, port authority capital lease financing, construction and tax credit bridge loans, and state opportunity zone credits. Public partners include the City of Cleveland, the Cuyahoga County Port Authority, the Ohio Department of Development, and the National Park Service

Upon completion, the redevelopment will introduce new housing, activate storefronts along Superior Avenue, and add much-needed parking, increasing foot traffic and supporting continued investment in the area. The project reinforces the district’s role as a place to live, create, and grow while ensuring the long-term preservation of two iconic Cleveland buildings, with anticipated completion in Q2 2027.

TurnDev extends its thanks to CrossCountry Mortgage and Ron Leonhardt for their vision and partnership, which helped move this project forward.